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CRA approves sale of 551 E. Sixth St. to adjacent owner with three-year development agreement
Summary
The CRA agreed to sell a 0.41-acre CRA-owned parcel at 551 East Sixth Street to adjacent property owner BNS Liquors for $42,500, contingent on a development agreement requiring completion within three years and including a 180-day due-diligence period.
The Panama City CRA on July 29 approved the sale of CRA-owned land at 551 East Sixth Street (Parcel ID 20387-00000) to BNS Liquors Inc. for $42,500, contingent on the execution of a development agreement requiring the purchaser to complete development within three years.
The vacant 18,034-square-foot parcel had been donated to the CRA in 2025 and attracted one proposal in response to an RFP: an adjacent owner, BNS Liquors, offering $42,500. CRA staff obtained two appraisals during the disposition process — Giles Appraisal Group valued the parcel at $72,000 and Abbott Appraisal Associates at $195,000 — and recommended the sale with a development-agreement condition.
Board members discussed tradeoffs between maximizing sale proceeds and incentivizing first-market developers to build. Several commissioners said they preferred selling below top market value if it encouraged prompt development and removed blight. The board also directed staff to return with a formal purchase/development agreement; the motion approved the sale subject to that agreement. The motion passed 3-0 by roll call.
During public discussion, potential buyer Jason Oakes spoke in favor, noting he owns the adjacent property and has invested in nearby improvements. Commissioners discussed including permitted uses (for example laundromat, dry cleaner, or medical office) as part of the development agreement or allowing flexibility with a 180‑day due‑diligence period to refine intended uses.
Why it matters: The sale is intended to return a vacant parcel to the tax rolls and catalyze neighborhood reinvestment in the Downtown North CRA district. The CRA tied the sale to a development agreement to ensure the lot is built within a defined timeframe.
Next steps: Staff will prepare the purchase and development agreement, including the 180‑day due‑diligence period and the three‑year completion requirement, and return to the CRA board (targeted for September or October) for final approval and execution.
