It took the opposition of more than 50 Sun Harbor Condominium owners to pull the plug on negotiations to buy out their town homes, which sits at the eastern foot of the Hathaway Bridge. Now, those condo owners are taking a closer look at their options. Benefiting from future development is the homeowners’ top concern.
When these condo owners heard the Marina and the old Panama City Toyota Showroom that sits next to their condos had been sold to an Alabama Developer they were worried they might be next.
It was the homeowners’ opposition to the developer's plan to buy the condominium that convinced the developer to pull the plug on any negotiations.
"There's too much opposition. Before we even had a chance to do anything everybody already had a judgment about what we were going to do," says OG Property Development Partner Bill Grubbs.
But condo owners say it isn't the idea of redevelopment that worries them.
"We just needed to get fair value for our property. We're not opposed to other development, just the developer’s idea. If they would have treated us with some respect we probably would have gone along with their plans," says resident, Gerald Everett.
The majority of the homeowners actually want to look into the option of developing a new condominium here to replace the current one. They say they just want to be involved in the process and benefit from it as well.
Now, more than 50 of the condo owners are coming together to investigate what options they have to rebuild their complex. They have formed a five member board to investigate their options. They plan to ask area developers about the cost of rebuilding a new condominium there.