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CRA approves purchase of vacant lot at 704 E. 15th St. for $175,000
Summary
The CRA authorized use of Downtown North funds to buy a 16,800 sq ft property at 704 East 15th Street for $175,000; staff noted an appraisal at $250,000 and a recommended 90–120 day environmental due‑diligence period because the site formerly housed a gas station.
The Panama City CRA on Nov. 4 voted 5‑0 to approve purchase of parcel 17340‑010‑000 (704 East 15th Street) for $175,000 using Downtown North CRA funds. Staff described the lot – 16,800 square feet at the southeast corner of East 15th Street (US‑98) and MLK Jr. Boulevard – as strategically located for catalytic redevelopment. An appraisal dated Sept. 9, 2025 valued the property at $250,000; Majors Realty indicated a purchase price of $175,000.
Staff and board members discussed potential environmental issues because the site formerly hosted a gas station and may have an abandoned fuel tank. The draft contract provides for a 90‑day due‑diligence period (the board discussed extending to 120 days) and work with the city’s environmental consultant (PPM) to assess contamination risk. The board approved the purchase and authorized the executive director to execute necessary documents.
Staff said potential uses include parking or other redevelopment; final use and any remediation plans will return to the City Commission as required.
