Officials broke ground Thursday for a new Panama City-Bay County International Airport on land donated by The St. Joe Co.
St. Joe donated 4,000 acres for the airport as part of its 16,000-acre West Bay development. The $330 million airport is scheduled to open in 2010.
The first phase consists of residential units, commercial space and a hotel. The second and third phases of the project consist of industrial, commercial and retail space; residential units; a marina; and an inn.
The new airport project was praised by Gov. Charlie Crist as a model for economic development balanced with environmental protection.
"This new airport provides a tremendous economic and conservation opportunity for Northwest Florida, the state and the nation," Crist said.
Jacksonville-based St. Joe Co. (NYSE: JOE) is one of Florida's largest real estate operating companies. It focuses on real estate development and sales, with significant interests in timber.
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