$50 million Emerald Park apartment community is completed in Panama City Beach

PANAMA CITY BEACH − A New York real estate developer has unveiled a multimillion-dollar investment in Panama City Beach.

In a ribbon cutting ceremony on Thursday afternoon, state and local officials, along with multi-national real estate moguls, gathered to celebrate the completion of Emerald Park, a $50 million apartment community in the Panama City Beach area.

The property, just south of Front Beach Road between Warner and Laurie avenues, is owned by Time Equities Inc., a real estate development company based in New York.

"We hope (Emerald Park) will bring an improved lifestyle and a great value to Panama City," Francis Greenburger, chairman of Time Equities, said during the ceremony. "We hope and think this is a win-win for all − the existing and the new residents, the developer and Panama City itself.

"We look forward to a bright future here at Emerald Park, as well as part of the growing world of Panama City and other nearby communities."

According to a press release, the community boasts 187 apartments that range from one to three bedrooms. One-bedroom units start at $1,500 a month, two-bedroom units start at $2,100 a month and three-bedroom units start at $2,550 a month.

The community features a 10,000-square-foot dining facility, fitness center, game room, resort pool and spa.

Time Equities purchased the property, as well as the rights to expand, from its previous developer about a decade ago. At that time, the complex was known as Villas at Suncrest and had only 79 unsold condos.

Time Equities then began renting out the condos. In 2022, it rebranded the complex to Emerald Park and broke ground on an expansion project to create 108 more units.

Among those who attended the ribbon cutting ceremony on Thursday was Jimmy Patronis, Florida's chief financial officer, and Patrick Chapin, president and CEO of the Bay County Chamber of Commerce. Both agreed the new community, as well as the $50 million invested by Time Equities for the expansion, will have a significant impact on the area.

More on the development:Emerald Park in Panama City Beach now leasing wave of new high-end apartments

"It's a real honor to be here and celebrate a $50 million investment right here in Bay County," Patronis said. "It's going to raise the bar for all apartment living here in Northwest Florida. ... (Bay County) had a piece of blank dirt, and now it's got an improved asset. ... That's good for our community. That's good for available workforce housing, (and) it's also good for the tax base of Northwest Florida."

"It's such an exciting project," Chapin said. "It's remarkable to see (Time Equities is) taking the time to invest right here in our hometown of Panama City Beach. ... A multi-national corporation headquartered on the prestigious 5th Avenue in New York City with nearly six decades of experience and assets exceeding $6 billion has chosen to invest in our community. This should remind all of us that we live in a very special place."