County To Sign Real
Estate Closing, Panama City-Bay County International Airport
By Eddy Metcalf
February 7, 2012 - This week Bay County official’s in
Florida will be singing the real estate closing of
Panama City-Bay County International Airport (PFN) to
make room to build a commercial residential park on this
700 acre parcel.
Panama City-Bay County International Airport is located
about four miles northwest of the central business
district of Panama City, in Bay County, Florida. It was
owned and operated by the Panama City-Bay County Airport
and Industrial District.
The developer and owner of this property, St. Andrew Bay
Land Company, a subsidiary of Leucadia Financial Corp
will remove the runways and airport buildings and it
will be replaced with shops, homes, walking trails and a
2007, LUK-MB1 LLC, purchased Panama City-Bay County
International Airport for $56.5 million and on May 22, 2010, all
commercial airline services at the airport were relocated to the
new Northwest Florida Beaches International Airport. However the
airfield remained opened to service general aviation aircraft
until October 1, 2010.
2009, JPMorgan Chase Bank filed foreclosure proceedings against
LUK-MB1 LLC, which is run by McCaffery Interests Inc. and
Leucadia Financial Corp., for defaulting on a $105 million loan
that involved a 370,000 square feet mixed-use, retail and
residential development in Myrtle Beach, South Carolina.
President of St. Andrew Bay Land Company, Bill Cunningham
submitted comprehensive plans for the development of Panama
City-Bay County International Airport. He stated "This is really
the first large scale, community master plan that's been done in
Panama City. What we think separates this project from other
projects that have been contemplated is it's got five miles of
In 1995, the airport went through an extensive development program, demolishing their old terminal building and constructing a new 55,573-square-foot facility with six gate areas, two equipped with jetbridges. Additional enhancements to the terminal included concession areas, a passenger hold room, airline ticketing counters and office space, airport administration offices, public and rental car parking lots, and an expanded terminal apron.
|blog comments powered by Disqus|
|©AvStop Online Magazine Contact Us Return To News|