Callaway Development Site_Property for Sale

918 North Tyndall Parkway, Panama City, FL, 32404, US

Callaway Development Site

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Galleria at Callaway, an opportunity to acquire one of the most premier multifamily development sites in the Panama City, FL market. Located in the city of Callaway on the eastern boundary of Panama City, this ±33.8-acre development site presents the opportunity to construct up to 336 entitled units along the primary growth corridor in Eastern Panama City while taking advantage of the rapid growth that the city of Callaway is experiencing.

New multifamily development has been performing well in Panama City offering amenities and services that are not commonly found in the older comparable property sets. The Property’s prominent location along Tyndall Parkway allows future residents the convenience of nearby national retail and restaurants as well as convenient access to Tyndall Air Force Base which is nearing completion of a $5 billion improvement/modernization. The Galleria at Callaway presents an opportunity to deliver a new and modern multifamily community at the epicenter of the most significant growth occurring along the entire northern coast of Florida and capitalize on the recent growth the area has experienced recently and positioning to benefit from the future expansion created by the completion of Tyndall Air Force Base.

The site will be delivered with all Civil and Architectural in place.

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Investment highlights

Fully entitled 336-unit development site in prominent location along the bustling Tyndall Parkway corridor in Panama City.
State Road 370 construction should be complete by mid-2025 providing an east/west connection to Star Avenue and the expansive Gulf Coast By-pass project. The new State Road 370 will intersect Tyndall Parkway just to the north of the site location.
National retailers, grocers and convenience retailers located in close proximity providing residents with the ease of access to the shopping and services that few other new apartment communities offer in the market.
Tyndall Airforce Base, located only 7 miles from the Site, is highlighted as the “Base of the Future” and positioned to capitalize on its expansive growth. Over 2,900 service men and women are stationed there with total residents including families and civilians of over 9,000. Many from this workforce are looking for quality, off-base housing near the base.
The City of Callaway continues to be a draw for new residents due to its efficient operations, new housing stock, proximity to major employers and national retailers and a quality school system.