Condominium Resort For Sale

PANAMA CITY BEACH-- The largest condominium resort complex in Panama City Beach is up for sale.

ST Residential is putting Laketown Wharf on the market.

A man named Jerry Wallace built Laketown in the mid-2000's. When the recession hit, he defaulted on the construction loan and Corus Bank out of Chicago foreclosed in September 2008. The next year the feds shut down Corus Bank and sold the assets to ST Residential.

ST held onto the property until now, to give the local real estate market time to rebound.

The Front Beach Road complex includes 795 unit property, 110,000 square feet of retail space, 5 pools, an arcade, putting green, dedicated beach access, a circular boardwalk surrounding the lake, and many more amenities.

ST is currently renting about half of the one, two and three bedroom units as apartments and operating the other half as a hotel.

No word on the asking price, but ST says it's repaid several billion dollars in loans on the Laketown property.