PANAMA CITY BEACH, FL – The St. Joe Company announced the completion of the second phase of Pier Park Crossings, a shared apartment in Panama City Beach, Florida. Together with the joint venture partner HomeCorp, St. Joe began construction of the phase with 120 residential units in December 2019. The now completed residential community with 360 residential units is approximately 93% let. St. Joe has three other shared apartments that are currently in various stages of construction.
Also in partnership with HomeCorp, St. Joe recently completed the construction of four of the 13 planned buildings in Watersound Origins Crossings, a luxury apartment community near the Watersound Town Center. A significant portion of the completed units have been rented out and the companies anticipate completing the remaining buildings in phases this year so that these additional units will be available for rental when completed.
Beach Sea Sound Apartments, a planned 300-unit residential community being built by St. Joe and joint venture partner Flournoy Development Company, is currently under construction near Breakfast Point community in Panama City. The companies began construction of the four buildings with one-, two-, and three-bedroom units, plus a resort-style pool, spa and health studio, and other amenities in 2020, and expect the first residents to move in later in 2021.
In Panama City, St. Joe laid the foundation stone in November 2020 for a planned 240-unit residential community on Star Avenue near the growing corridor of 231 State Road. In addition to one- and two-bedroom units, this community plans to set up three-bedroom townhouse-style units that are ideal for working families as Panama City continues to recover from the housing shortage caused by Hurricane Michael in October 2018.
"With shared apartments in different parts of northwest Florida at different prices, we can attract a wide range of residents looking for apartments in our area," said Dan Velazquez, senior vice president of commercial real estate at St. Joe. "When we expand our portfolio of apartment communities, we make sure to differentiate our offerings in such a way that they meet the requirements of the surroundings of each project."
“There are almost 400 completed units in our shared apartments that were quickly rented out. In many cases, residents move into apartments after completion, ”continued Velazquez. “Upon completion of our residential communities currently under construction, we will have a portfolio of 1,117 residential units in northwest Florida. We anticipate that the market demand we have experienced will continue as the region grows and we will consider additional community development projects to meet that demand, if available. "
"Our growing portfolio of residential communities is in line with our strategic plan to develop assets that create new streams of recurring income," said Jorge Gonzalez, President and CEO of St. Joe. "The leasing activity we've seen so far is very encouraging and a positive indicator of our future plans in the shared apartment market."
Source: The St. Joe Company