Watermark Residential Begins Development of 312-Unit Class A Multifamily Community in Panama City, Florida
July 8, 2020
Davenport, FLA.
PANAMA CITY BEACH, Fla. (July 9, 2020) – Watermark Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced today the acquisition of 17 acres of land in Panama City Beach. There, the company will develop Watermark at Urban Blu, a Class A multifamily community with an expected completion date of April 2022.
“With the U.S. government’s $3.4 billion commitment to transform Tyndall Air Force Base into a state-of-the-art defense base, the need for housing is only going to grow. Watermark at Urban Blu offers a conveniently located solution to this shortage of supply and growing demand.”
Located within the 32-acre Urban Blu Planned Unit Development, the site is conveniently nestled in-between the two main thoroughfares of Panama City Beach: Highway 98 (Back Beach Road) and Front Beach Road. As the only multifamily community with connections to both roads, Urban Blu will offer unmatched access to the area’s major employers, such as Tyndall Air Force Base, as well as a direct shot to the famous beach and numerous retail shops, dining locations and other amenities.
“The Panama City Beach area has struggled to provide a supply of quality multifamily homes to keep up with the demand of a growing population,” said Paul Thrift, president and CEO of Thompson Thrift and Watermark Residential. “With the U.S. government’s $3.4 billion commitment to transform Tyndall Air Force Base into a state-of-the-art defense base, the need for housing is only going to grow. Watermark at Urban Blu offers a conveniently located solution to this shortage of supply and growing demand.”
Watermark at Urban Blu will consist of 312 one-, two- and three-bedroom apartment homes averaging 958 square feet. Each unit will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliances, walk-in closets, and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly “bark park” and doggie spa.
The Panama City MSA has experienced a population boom, more than double the U.S. average between 2010 and 2019. Additionally, Panama City Beach was ranked third on TripAdvisor’s 2019 Best Beaches list, encouraging 17 million tourists to visit the area each year. Urban Blu will be only the third Class A community built in the market since 2010 and the closest of the three to the vast majority of Panama City Beach’s workforce.
