Mesa Capital Begins Construction on Florida Property

The Tyde. Image courtesy of Mesa Capital Partners

Mesa Capital has started construction on its latest multifamily project in Panama City Beach, Fla., which is expected to be completed by late 2020.

Located at the intersection of Clara Avenue and Highway 98, The Tyde will offer 300 units. The one-, two- and three-bedroom apartments will be spread out between two-story carriage homes, three-story walk-ups and four-story elevator buildings. According to Mesa Capital, The Tyde will be the only four-story elevator building in the Panama City Beach area.

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The building’s amenities will include 8,000 square feet of community space through the clubhouse and fitness center and also a pool, outdoor fireplaces and grill stations. The Tyde also benefits from being close to Bay Medical Center, Tyndall Air Force Base, and many shopping and restaurant options.

Outside the Panama City Beach market, the Atlanta-based Mesa Capital has also built two other multifamily communities in Florida. In Fort Myers, the developer built a 327-unit with a very similar build to The Tyde and its two- to four-story buildings. And in Jacksonville, Mesa constructed Liv Terrabella, a 253-unit four-story building with one-, two- and three-bed units.

MARKET RECOVERY

While Panama City Beach is known by tourists for its white-sand beaches, the city and its surrounding neighborhoods like Panama City took a hit from Hurricane Michael in October 2018.

According to a Cushman & Wakefield second quarter report on the Southeast U.S., Panama City was beginning to rebound after being hit by the major hurricane. The local economy has begun to bounce back in Panama City as many major facilities are expanding their operations, like the Panama City Beach Sports Complex. According to the report, average rents jumped to $1,259, a 22.5 percent increase year over year and the vacancy rate decreased 1.6 percent.