The Federal Aviation Administration has issued its Record of Decision approving the relocation of the Panama City-Bay County International Airport (pictured). "Relocation" in this case will actually mean the development a brand-new airport for the Florida panhandle city, a long-awaited project that promises significant real estate growth in its wake.
"The Record of Decision is a very important step in the development of the new airport, but not quite the last step," Randy Curtis, the airport¹s executive director, told CPN this afternoon. "We still need a permit from the Army Corps of Engineers and a couple of state permits, but we expect those soon. Another major part of the process will be the sale of the existing airport. Bids on that are due by next Monday."
With the FAA's approval, the Panama City-Bay County Airport Authority is eligible for federal Airport Improvement Program funds to assist with the project. The St. Joe Co., a major landowner in Florida and the largest private landowner in Bay County, donated about 4,000 acres for the airport itself, and another 9,800 acres as a conservation easement. The site of the new airport will be near the shore of St. Andrews Bay, but unlike the current airport, its runways will be on ground high enough to protect it from hurricane storm surges.
Since much of the rest of the land near the new airport will be ripe for commercial and residential development by landowner St. Joe Co. the donation represents an astute investment in the company's growth as a real estate developer. According to the company, it currently has entitlements for more than 1,000 acres of commercial development and 6,000 residential units near the new airport.
If all goes according to schedule, the airport will be completed by late 2008. Like the current airport, it will have two runways--with expansion room for a third--but they will be considerably longer than the existing ones, allowing larger commercial jets to land than is currently possible at existing airport. The new airport will also feature terminals and other facilities totaling 100,000 square feet. Funding for the $312 million airport project will be roughly divided in thirds between the federal and state governments, and local sources.