Destin Development is Booming

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DESTIN-- When the real estate boom went bust in 2007, new development stopped.

Destin wasn't immune to the lack of growth, but recently developers and city leaders are starting to see a lot of new activity.

"I think the most exciting thing, is the resurgence of the Harbor Area,” said Peter Bos, CEO and President of Legendary Company.

According to the City of Destin, permit activity is up by 2.5 percent in the first six months of 2014, compared to the 2013 fiscal year.

While developers see numbers rising, they say it is mainly commercial projects, partly due to the lack of land for residential areas.

"Every recession that we have been through, even though none have been this strong, we have always had lots of land, now there is almost no land,” said Bos. “I think we are going to see a lot of price increases, because the supply is completely outstripped by the demand."

But Bos hopes that will change over the next few years.

Tyler Jarvis and his partner looked at many locations to house their new restaurant.

They finally settled on Destin, and say they're happy to be a part of that development.

"We feel like the economy, and the area is doing very well,” said Tyler Jarvis, Owner of Jackacudas. “It is bouncing back and we look for a lot of good business in the near future."

Bos hopes a lot of Destin's older properties will be sold to buyers who will build newer homes and condos for full time residents and visitors.