Panama City Beach, Florida

Panama City Beach, Florida
Phase I: Pier Park
965,000 Square Feet
Open: Target
136,000 Square Feet
Summer/Fall 2007: The Grand Theatre 16-Plex; Panera Bread;
Ulta Salon, Cosmetics & Fragrance; and More Than 180,000 Square Feet
of Specialty Shops on the Boardwalk at Front Beach (Gulf of Mexico)
Spring 2008: Dillard’s, JCPenney, Borders Books & Music,
The Fresh Market, Old Navy, Ron Jon Surf Shop,
Jimmy Buffett’s Margaritaville, and More!
Phase II: Pier Park West
200,000 Square Feet
Fall 2008
Sports Authority, Office Depot, PetSmart, 2 Other Major Retailers,
plus 50,000 Square Feet of Shops and Restaurants
Pier Park
Pier Park will be more than an inspired shopping and entertainment center.
Upon completion of Phase I in spring 2008, the coastal retail, entertainment,
and restaurant development will help position this fast-growing Gulf Coast market
as the top destination in the Florida Panhandle.
Pier Park will draw millions of savvy consumers to the Panama City Beach area.
The outdoor development will attract tourists as well as an expanding residential
base with its collection of anchor stores, specialty shops, restaurants, entertainment,
parks, and coastal amenities.
Pier Park’s easy access and dramatic waterside location are two additional
factors that will please its retail, dining, and entertainment tenants. In an area
that already attracts more than 7 million tourists annually, it’s easy to see why
the excitement is growing throughout the Florida Panhandle region.
Bonifay
Westville
Caryville
Chipley
90
Crestview
10
Ponce de Leon
90
De Funiak Springs
10
85
331
285
Wausau
Vernon
79
WASHINGTON
OKALOOSA
TRADE AREA BOUNDARY
Niceville
Freeport
Valparaiso
77
20
331
Eglin AFB
Wright
14
Ebro
Lake Lorraine
20
16
ary Esther
11
Cinco15
Bayou
6
Destin
8 12 5
3
4 Miramar
13
10 Beach
98
WALTON
CENTER INFORMATION
388
SPG Site
Competition
Freestanding Stores
1. Pier Park (2008) - Dillard's, JCPenney, Target, Borders Books & Music,
The Grand 16-Plex Theater, Ron Jon Surf Shop, Old Navy, The Fresh Market
2. 23rd Street Plaza- Home Depot, Bed Bath & Beyond, Ross Dress For Less
3. 23rd Street Station- Publix
4. Callaway Plaza- Kmart
5. Destin Commons- Belk, Bass Pro Shops, Books-A-Million
6. Emerald Coast Centre- Bealls, Office Max
7. Lynnhaven S/C- Publix
8. Panama City Mall- Dillard's, JCPenney, Sears, Linens 'n Things
9. Panama City Market Center- Sam's Club
10. Panama City Square- Wal-Mart, Goody's, Michaels, T.J. Maxx,
Sports Authority
11. Santa Rosa Mall- Dillard's, JCPenney, Sears, Belk
12. Shoppes of Paradise Key- Publix, Stein Mart,
Old Navy, Pier 1 Imports, Bed Bath & Beyond
13. Silver Sands Factory Stores
14. Sun Plaza- Circuit City, T. J. Maxx, Office Depot, Books-A-Million
15. Uptown Station- Bealls
16. White Sands S/C- Wal-Mart
BAY
231
79
Laguna Beach
Lynn7Haven
1
5
Panama City Beach
FREESTANDING
STORES
1. Bealls
2. Books-A-Million
3. The Fresh Market
4. Home Depot
5. Home Depot
6. Lowe's Home Improvement
7. Target
8. Target
10. Wal-Mart
11. Wal-Mart
6
Gulf of Mexico
30
3 2
Pretty Bayou
9 10
9 Grand Lagoon
Upper
2
7
Hiland Park
Cedar Grove
8
Springfield
1
4Callaway
Lower Grand Lagoon
Parker
Tyndall AFB
N
0
4
miles
8
98
Market Overview: Tourism and opportunity
Panama City Beach is recognized as one of America’s best beaches by Conde
Nast Traveler and the Travel Channel. In addition, Hotels.com ranks it as the “Fourth
Most Popular Vacation Rental Destination.” Nestled between Destin and Panama
City—two of the Panhandle’s major tourist destinations—Panama City Beach is set
to become even bigger with the addition of Pier Park.
• The Panhandle draws more than 7 million tourists annually from around the
world. Attractions include world-class beaches, golf courses, water sports,
a zoo, and fine restaurants.
• The Panhandle is second only to Orlando’s Walt Disney World in terms of
visitors traveling to Florida by automobile.
• A serene lifestyle can be found on East Beach, home to area marinas as well
as the Bay Point Marriott and a pair of championship golf courses.
• Pier Park is ideally situated 14 miles west of Panama City and 41 miles
east of Destin, Florida.
• Pier Park, featuring national retail and entertainment, will be surrounded
by high-density condominium developments.
Location: Poised for success
The Florida Panhandle, known as the Emerald Coast because of the Gulf of
Mexico’s blue-green waters, is one of the most popular vacation destinations in
Florida and the entire country.
• Pier Park will enjoy a prime location between U.S. 98 (Back Beach Road/Panama
City Beach Parkway) and Front Beach Road (Alternate 98) at Powell Adams
Road and Pier Park Drive. Principal access to Pier Park will be via U.S. 98,
with approximately 32,000 vehicles traveling by the site every day.
• Pier Park will be located in the heart of Panama City Beach, which runs
along the Gulf of Mexico. The coastal area includes portions of four counties:
Gulf, Bay, Okaloosa, and Walton.
• The site is also accessible via Highway 79 to the north, where the new
Panama City-Bay County International Airport will open in 2010.
• Pier Park has 3,500 feet of frontage on U.S. 98, including 800 feet of unfettered
gulf-front views along Front Beach (Gulf of Mexico).
• Pier Park is the only retail/restaurant site between U.S. 98, the main road
connecting Destin and Panama City, and the crystal white sands of Front Beach.
N
KEY
Department Stores
Anchor Stores
Retail
Theater
Restaurants
Grocery
Outlots
PIER PARK WEST
Proposed
Sports Authority
The Grand
Theater
Outlots
Outlots
FRO
NT
Ron Jon Surf Shop
B
E
A
CH
RD
.
Dillard's
JCPenney
Old Navy
Target
Borders Books
& Music
Vanguard Bank
AM South Bank
Starbucks
The Fresh Market
Ruby Tuesday
Longhorn Steakhouse
Olive Garden
PIER PARK
FPO
Proposed Anchor
Proposed Office Depot
Proposed PetSmart
Jimmy Buffett's
Margaritaville
Gulf of Mexico
.
DR
MS
ADA
LL
WE
PO
US
9
8/
S
R3
0A
Pier Park: At a glance
Pier Park will be the premier retail environment serving Panama City
Beach and the entire Florida Panhandle. The setting for Pier Park will
provide an appealing venue for visitors to enjoy shopping, dining, and
entertainment in a beautiful outdoor environment. Pier Park will encompass
approximately 1.16 million total square feet on more than 112 acres of prime
gulf-view property.
• This one-of-a-kind destination will be an open-air center featuring a
combination of specialty retailers, department stores, entertainment,
tourist attractions, and a wealth of dining options.
• As a true regional center, Pier Park is expected to draw shoppers from
more than 100 miles away, including residents of both Tallahassee
to the east and Pensacola to the west.
• Pier Park will be the only venue of its kind in the Panhandle and the
only significant restaurant site along U.S. 98.
ANCHORS
Dillard’s
JCPenney
The Grand Theatre
16-Plex
Target
SPECIALTY RETAILERS, DINING OPTIONS, AND FEATURES
Old Navy
Borders Books & Music
Jimmy Buffett’s
Margaritaville
Ron Jon Surf Shop
Panera Bread
Starbucks Coffee
Back Porch
Seafood House
Reggae J’s Island Grill
Johnny Rockets
Anchors
Phase II of the project, Pier Park West, will be situated immediately
adjacent to and west of Pier Park on U.S. 98 (Back Beach Road). It will
feature Sports Authority, Office Depot, PetSmart, 2 other major retailers,
and 50,000 square feet of shops and restaurants.
Gulf of Mexico
Jimmy Buffett's
Margaritaville
NT
FRO
CH
BEA
.
RD
Outlots
Ron Jon Surf Shop
The Grand
Theater
Proposed Anchor
Proposed Office Depot
Proposed PetSmart
PIER PARK
JCPenney
Dillard's
Old Navy
98
0A
R3
/S
Target
Borders Books
& Music
US
Vanguard Bank
AM South Bank
Starbucks
The Fresh Market
Ruby Tuesday
Longhorn Steakhouse
Olive Garden
P
Proposed
Sports Authority
LL
Outlots
.
PIER PARK WEST
A
OW
E
DR
DAM
S
PIE
R PARK DR.
KEY
Department Stores
Anchor Stores
Retail
Theater
Restaurants
Grocery
Outlots
Trade-Area Overview: Promise in the Panhandle
The city of Panama City Beach is pursuing a decade-long redevelopment
program. Started in 2001, the program involves replacing aging motels and other
structures with new hotels, condominiums, mega resorts, and major attractions.
• More than 7 million tourists visit Panama City Beach every year. The majority
of these tourists travel to Panama City Beach by car and stay an average
of 4 days.
• Travelers to the area have average annual household incomes of nearly
$60,000 and spend $547 million every year.
• The new Panama City-Bay County International Airport, scheduled to open
in 2010, is a 4,000-acre facility that will give Panama City Beach greater
accessibility for national and international travelers. It will be the first new
international airport to open in the United States since Denver International
Airport opened in 1995.
• Tourism provides a $1.5 billion impact, with $163 million in accommodation
sales and $413 million in goods and services sold. This economy supports
more than 14,000 jobs locally.
• Total daytime employment is nearly 67,000.
Population Growth: A growing base of shoppers
Within Pier Park’s trade area, the current population of 150,000 is expected
to grow by more than 40 percent, reaching 213,000 by 2015.
• The compound annual growth rate of 4.5 percent during those 8 years will
be more than 4 times the national average of 0.9 percent. With these growth
projections, the local trade-area population will reach 200,000 by 2013.
• The 2006 median age is 40.8 years.
• Over 658,000 households reside within 100 miles of Panama City Beach,
an area from which Pier Park will draw. More than 32,000 additional units
are planned, with expected buildout complete by 2010.
• The trade area’s predominant household income category in 2006 was
$50,000–$75,000. The average annual household income of $57,070 is
expected to increase almost 13 percent to $64,697 by 2011.
• Growth in the area is fueled primarily by second homes and the allure of
the beaches.
• Visitors to Panama City Beach have their choice of 48,000 lodging units,
including 20,000 hotel rooms. There are an additional 5,500 lodging units
under construction or in the planning stages within 15 miles of the city.
PROPERTY LOCATION KEY
1-Alys Beach
2-Ambassador Beach Condos
3-America Best Value Inn
4-Annabella's Townhome
5-Aqua View Resort
6-Aqua-Sundial Resort
7-Aquatica Beach Resort
8-Aquavista Condominiums
9-Bahama Beach
10-Barefoot Palms Townhomes
11-Beach Break by the Sea
12-Beach Club Motel
13-Beach House Resort
14-Beach Rentals
15-Beach Tower Resort Motel
16-Beachcomber By The Sea
17-Bella's Garden
18-Bent Palms Condominiums
19-Best Western Casa Loma
20-Blue Surf Inn Rentals
21-Boardwalk Beach Resort (Phase I)
22-Boardwalk Beach Resort (Phase II)
23-Breedlove
24-Brentwoods
25-Brittonwoods
26-Cabana Cay PCB Resort Community
27-Cabana Villas
28-Cabana West
29-Callaway
30-Calypso Resort & Towers
31-Camp Creek Golf Club
32-Casa Blanca Resort
33-Cedar Woods Estates
34-Celadon Beach Condominiums
35-Chateau Motel
36-College Oaks
37-Comfort Suites
38-Condo World Vacation Rentals
39-Continental Condominiums
40-Coral Reef Condominiums
41-Coral Shores
42-Days Inn
43-Doni Beach Condos
44-Downtown Carillion
45-Driftwood Lodge
46-Dunes of Panama
47-East Bay Reserve
48-Eastern Lake Village
49-EBB Tide Condominiums
50-Edgewater Beach Resort
51-Emerald Cove Villas
52-Emerald Isle Resort
53-Emerald Shores
54-Emerald Shores Bayfront
55-Emerald Waters White Sand Resort
56-En Soleil Resort
57-Endless Summer Resort
58-Flamingo Motel
59-Fontainebleau Terrace
99
331
73
132 165
48
217
60-Grand Cayman Motel
61-Grand Lagoon Yacht Club Resort
62-Grand Panama Beach Resort
63-Grand Surf Club
64-Grande Gulf Motel
65-Grandview Condominiums at Long Beach
66-Grandview East at Long Beach
67-Grandview Point at Longbeach
68-Grants Mill
69-Greenwood Village
70-Gulf Crest Condominiums
71-Gulf Highlands Beach Resort
72-Gulf Island Beach Club
73-Hammock Bay
74-Hampton Inn
75-Harbors Edge Condominiums
76-Harrisons Walk
77-Hibiscus By the Bay (Phase 1)
78-Hidden Dunes Condominiums
79-Hidden Lagoon Villas
80-High Rise Condominiums
81-Holiday Sun Spree Resort
82-Holiday Terrace Motel
83-Horizon South Resort
84-Huntington Ridge
85-Ibis Lake
86-Inn Paradise Motel
87-Island Reserve
88-Islander Motel
89-Islander Two Motel
90-Kirkland Manor
91-Laketown Wharf
92-Lakeview Condominiums
93-Landmark Holiday Beach Resort
94-LaQuinta Inn
95-Largo Mar Condo
96-Legacy Hotel
97-Long Beach Resort
98-Magnolia Bay Club
99-Magnolia Beach
100-Magnolia By The Sea
101-Magnolia Meadows
102-Magnolia Plantation
103-Majestic Beach Towers
104-Malaga Place Townhouses
105-Mandalay Beach Resort
106-Mariner East Condominum & Rentals
107-Mariner West Condominums
108-Mayan Resort
212
164
1 152
151
109-Merrimac Resort Condominums
110-Miracles Resort Park
111-Moondrifter
112-Moonspinner Condominum
113-Nautical Watch Condominum Rentals
114-Nauticus Beach Resort
115-Nelle Townhouses
116-New Project
117-Northwoods Estates
118-Ocean Reef Resort
119-Ocean Ritz
120-Ocean Terrace Condo Rental
121-Ocean Villa
122-Osprey Motel
123-Palazzio Condominiums
124-alm Cove
125-Palmetto Motel Court
126-Palmetto Trace Phase I
127-Palmetto Trace Phase II
128-Panama City Beach Rentals
129-Panama City Resort and Club
130-Paradise Beach
131-Paradise Found Resort and Hotels
132-Park Place On Seagrove Beach
133-Peeks Motel
134-Pelican Isle
135-Pelican Walk Condominums
136-Pineapple Beach Resort
137-Pinacle Port Vacation Rentals
138-Plaza Motel
139-Polynesian Village Condominums
140-Pompano Place
141-Portside Resorts
142-Potential Development
143-Proposed Development
144-Quality Inn
145-Ramada Limited
146-Rebecca's Landing
147-Regency Towers
148-RiverCamps On Crooked Creek
149-Riverside Phase I
100
98
188 92
44
137
198
184
31
79
148
Panama City -Bay County Airport
Future Location
388
136 43
172 134
85
154
163
193 52
34 192 141
116 83
57 93
PIER PARK
162 157
215 158
207 129 186
26 16
123 125
202 45
8 219
127 126
80
122 6 11
208 174
2 3 160 185
139 171
37
54
39
169
28
59
180 58 144
179 9
86 96
76 124 214
204
53
205
77
178 87
133
170
89
224
71 41
223
118 19 145
185-Sunrise Beach Condominiums
175
51
200 103 167
186-Sunset Beach Condominiums
138 189
42 13
97
187-Sunset Inn
55
50
35 110
146
188-Sunset Pass Resort
91
81
17 5
189-Sunset Pier Condominiums
88
183 153195
15
62 82 32
21 187
190-Sunshine Shores Condominiums
67 22
72
191-Sunswept
203 130 206
7
121
192-Surfside Town Houses
191 79
226
111
38
119
120
194-The Commodore Condominums
211-Watepoint Resort
66
78
10
12
63 182 177
195-The Inn at St. Thomas Square
212-WaterColor
65
199
209
196-The Landings
213-Watercrest Condominiums
98
14
176
102
46
197-The Princess
214-Watermark Villas
40 107
74
156
198-The Shores Condominiums
215-Waterpointe Resort Condominiums
56
106 197
199-The Summerhouse
216-Waterside at Inlet Beach
135 49 70 173
61
18
200-The Super 8 Motel
217-Watersound Beach
159
181
218-WaveCrest
201-The Timbers
128
213
190
219-Wayfarer by the Sea
202-Tidewater Beach Condominiums
166
64 113
220-Wells Landing
203-Top of the Gulf
95 147
109
221-White Oaks
204-Towne of Seahaven
222-Wild Heron
205-Tradewinds Resort
161
210
75 194 112
223-Wimbledon by the Sea
206-Treasure Island Resort Condominums
224-Wind Drift Beach Resort
207-Tropical Breeze Resort
225-WindMark Beach
208-Twin Oaks
226-Windward Beach Resport
209-Twin Palms Condominiums
227-Woodcrest Phase I & II
210-Venture Out at Panama City Beach, Inc.
143 27
105
218
114 60
108
104
98
150-Riverside Phase II
151-Rosemary Beach
152-Rosewood
153-Royal American Hospitality
154-Sailfish
155-Sanctuary Beach
156-Sandcastle Villas
157-Sandcastles West
158-Sandpiper-Beacon Motel
159-Sea Foam Motel
160-Sea Scape Inn
161-Sea Side Villas
162-Seachase Condominiums
163-Seakove Resort
164-Seaside
165-Seaview Villas
166-Seychelles Beach Resort
167-Shores of Panama
168-Snug Harbor
169-Solimar Resort Bayfront
170-Solimar Resort Gulfside
171-Southern Exposure I & II
172-Splash Resort
173-Sterling Beach Resort
174-Sterling Breeze
175-Sterling Reef Resort
176-Sting Ray Condos
177-Sugar Beach Condominums
178-Summer Breeze Motel
180-Summer Town Cottages
179-Summerset
181-SummerWinds Condominiums
182-Summit Condominiums
183-Sunbird Condominiums
184-Sunnyside Beach & Tennis Resort
140
216
222
5-MILE
10
10-MILE
15-MILE
227
155
29
221
101
201
77
168
231
117
84
25
388
98B
23
196
36
24
142
90
33
149
150
68
220
47
115
69
TRADE AREA BOUNDARY
20
Bonifay
Westville
Caryville
Chipley
90
Crestview
10
Ponce de Leon
90
De Funiak Springs
10
85
331
285
Wausau
Vernon
79
WASHINGTON
OKALOOSA
TRADE AREA BOUNDARY
Niceville
Freeport
Valparaiso
77
20
331
Eglin AFB
Wright
14
Ebro
Lake Lorraine
20
16
Cinco Bayou
ary Esther
11
15
6
Destin
12 5
Miramar 13
Beach
98
WALTON
PanamaCity-BayCountyAirport
Future Location
388
CENTER INFORMATION
BAY
231
79
SPG Site
Competition
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Pier Park (2008)
23rd Street Plaza
23rd Street Station
Callaway Plaza
Destin Commons
Emerald Coast Centre
Lynnhaven S/C
Panama City Mall
Panama City Market Center
Panama City Square
Santa Rosa Mall
Shoppes of Paradise Key
Silver Sands Factory Stores
Sun Plaza
Uptown Station
White Sands S/C
Laguna Beach
7Haven
Lynn
1
3
Pretty Bayou
Panama City Beach
2
Hiland Park
9 10
30
Cedar Grove
8
Upper Grand Lagoon
Gulf of Mexico
Springfield
4Callaway
Lower Grand Lagoon
Parker
Projected 2011 Average
Household Income Ranges
$0 to $25,000
$25,001 to $50,000
$50,001 to $75,000
$75,001+
Tyndall AFB
N
0
4
miles
8
98
For more information about opportunities
at Pier Park, please contact:
DEVELOPMENT & ANCHOR LEASING
MYLES MINTON | 317.685.7350 | [email protected]
TIM KUSHNER | 317.263.7637 | [email protected]
LEASING
PAUL AJDAHARIAN | 317.685.7352 | [email protected]
STACIA MILNE | 317.263.2409 | [email protected]
DAVID HALLE | 317.263.3036 | [email protected]
BUTCH KNERR | 317.263.7932 | [email protected]
MELODYE GRIM | 317.685.7295 | [email protected]
BILL CONWAY | 317.263.2389 | [email protected]
RESTAURANT LEASING
MEL VALIQUETT | 317.263.7051 | [email protected]
OUTPARCEL AND PERIPHERAL DEVELOPMENT
DAWN LINDQUIST | 317.263.2301 | [email protected]
Information accurate as of 5/04/07. Sources: SPG Research; trade-area demographic information per Hanley Wood Residential Study.
Corporate Profile
Simon Property Group, Inc., headquartered in Indianapolis,
Indiana, is a real estate investment trust engaged in the
ownership, development, and management of retail real
estate, primarily regional malls, Premium Outlet Centers,®
and community/lifestyle centers. The Company’s current total
market capitalization is approximately $56 billion. Through its
subsidiary partnership, it currently owns or has an interest in
323 properties in the United States containing an aggregate
of 244 million square feet of gross leasable area in 41 states
plus Puerto Rico. Simon also owns interests in 53 European
shopping centers in France, Italy, and Poland; five Premium
Outlet Centers in Japan; and one Premium Outlet Center
in Mexico. Additional Simon Property Group information is
available at www.simon.com. Simon Property Group, Inc.,
is publicly traded on the NYSE under the symbol SPG.
225 West Washington Street, Indianapolis, IN 46204 317.636.1600
Simon Property Group common stock is traded under the ticker symbol “SPG” on the New York Stock Exchange. “Simon” is a trademark of Simon Property Group, L.P.