R.H. Ledbetter Properties, LLC, a third-generation family-owned real estate development and management firm headquartered in Rome, Georgia, is pleased to announce the purchase of 35.4 acres located at the intersection of U.S. Highway 77 and 23rd Street in Panama City, Florida, for the planned construction of Bay City Point, a top-quality commercial redevelopment.
The property was originally owned by the Hawkins family for over a half-century, and was used primarily to house its auto towing and salvage business. Ledbetter Properties, along with local developer DeMedici Investments, LLC, will be leading the redevelopment of the site for the new owners, Hawkins Point Partners, LLC. “We would really like to thank Mayor Greg Brudnicki, City Manager Jeff Brown, and Bay County Chamber of Commerce President Carol Roberts for their staunch support from the earliest meetings,” stated Beau Blackerby, President of DeMedici Investments.
Plans are currently underway for Bay City Point to feature exciting new retail, restaurant, and service options for the Panama City community and region. Upon full completion it is estimated that Bay City Point could feature over 250,000 square feet of new businesses and create more than 850 new full and part time jobs, representing over $60 million in private investment. “The City of Panama City is extremely excited that Ledbetter Properties has closed on this 35.4 acre site in the center of the City’s retail district. I know that something spectacular is in the works for Panama City that will have a huge economic impact and benefit to our City and our citizens. On behalf of everyone here, I thank you for believing in and investing in Panama City”, said Mayor Brudnicki. “We’re ecstatic over the positive impact that this project will have on Bay County.
The location is at the heart of our community and will certainly improve our visual image while also creating jobs.” added Ms. Roberts.
About RH Ledbetter Properties, LLC
R. H. Ledbetter Properties, LLC is a family-owned real estate investment firm headquartered in Rome, GA. Ledbetter focuses on retail, restaurant, medical service and medical office developments. With a portfolio of over 2 million square feet in three states, Ledbetter Properties provides services in development, investment, and asset management. For more information visit www.ledbetterproperties.com.
About DeMedici Investments, LLC
DeMedici Investments is a real estate development and investment firm based out of Orlando,Florida. DeMedici has been active throughout the southeastern United States for over 30 years. Their projects have ranged from major condominiums to regional shopping centers to hotels and mixed used developments. They have been making major contributions to the retail and condominium markets in Bay County for over 15 years.</div>