I would not be surprised down the road to see part of JOE become a REIT. Once this and Venture Crossing is completed, it might make sense to look at it.
A large retail property management firm has announced plans for a new shopping center in Panama City Beach.
‘Pier Park North’ is planned for the northeast corner of Back Beach Road and Pier Park Drive. The builder is Glimcher Development Corporation (NYSE:GRT), a direct competitor of Simon Company (NYSE:SPG), which owns Pier Park across the street. Glimcher is partnering with the St. Joe Company (NYSE:JOE) for 400-thousand square feet of retail space to include major chain stores and restaurants.
“What they’ve typically signed in the past in their other developments around the country, it’s always national big name, anchor type stores and typical national brands that go along with those, so I expect to see names we are all familiar with” said Panama City BeachPlanning Director Mel Leonard.
And here’s a list of some of those retailers and restaurants considered as prospective tenants.
-Dick’s Sporting Goods
-Bed Bath & Beyond
-Pier 1 Imports
-Ross Dress for Less
-Toys R Us
-Rooms to Go
Several would be new to Bay County, including Dick’s Sporting Goods, Fresh Market, Men’s Warehouse and Cheddars restaurant. Construction is scheduled to begin in January, with completion sometime in 2013.