The property near the intersection of Middle Beach Road and Churchwell Drive has a history as a tourist attraction.
In the 60’s and 70's it was the home of Pettycoat Junctin's Tombstone Old West Town.
By next summer, it could once again be attracting tourists at a new outdoor cable wakeboard and water ski park.
"Developers are talking about creating about a five acre pond where you would have an automated cable pond and ski amusement where you could have four to five riders at a time," said the Panama City Beach Director of Building and Planning Mel Leonard.
Panama City Beach Planning Board members approved the park developers' conditional use application Wednesday night.
"There really wasn't any opposition,” said Leonard. “There seemed to be some good comments about it and enthusiasm about bringing a new activity to the beach that wasn't here already."
The next step is for site plans to be submitted to the city, which is usually reviewed quickly.
Local professional wake boarder, Andrew Adkinson is supporting the project and a spokesperson for the property owner, SunSouth Bank in Dothan, Alabama, said they are hoping to break ground in 60 days.
"I think they're looking for someone to come in and help with the actual development of the property and they will support that project,” said Leonard. “I think there's an opportunity for someone to come in and make use of the entitlements that have been granted on the property and help in come to fruition."
The park has an opening target date for next summer.