By concentrating on the areas in a 50 mile radius of the new international airport that is being built on land donated by the St. Joe Company, New Bastion Development and its clients will be afforded the opportunity to avail themselves of prime realty that will enable them to meet today’s needs while achieving spectacular appreciation.
Compass Lake
Compass Lake in the Hills is a master planned community located in Jackson County, Florida that comprises more than 10,000 acres. It features 6,341 one acre plus home sites among the rolling hills of Northwestern Florida and two major spring-fed lakes, Compass Lake (600 acres) and McCormick Lake (200 acres). Additional features include equine facilities, a community pool, tennis courts, boating, restaurant, activities and more.
All lots in Compass Lake are pre-platted improved lots eligible to be built on immediately, with building permits generally obtainable within 5 to 10 days. This provides a competitive advantage to our Company since most new major developments in both Jackson and Washington Counties require approval by the Florida Department of Community Affairs (the “DCA”). Given the lack of infrastructure in the region and the tremendous impact that the anticipated population influx brought on by the new airport will have on existing infrastructure services (roads, schools, utilities, etc), the DCA is requiring that all developers of any major new development in the State demonstrate to the DCA “concurrently” with their development plan how infrastructure services will be provided. As a result of this additional burden on major new development, we consider it unlikely that any new major development that may be competitive with Compass Lake in the Hills will be approved for several years.
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Sunny Hills
Sunny Hills is a Deltona Corporation master planned golf course community in Washington County, Florida that comprises more than 17,000 acres. Its massive plan includes schools, medical facilities and hospitals, as well as commercial establishments. It is roughly in the center of the Panhandle, near Chipley, Florida with Panama City, Florida as the closest big city that is approximately 40 miles south via Highway 77 and approximately 20 miles from the new airport site. This community is currently comprised of approximately 50% retirees and 50% working families that commute to jobs in Panama City.
All lots in Sunny Hills are pre-platted improved lots eligible to be built on immediately. These lots range in size from .23 acres to .50 acres. With the new airport expected to bring many new jobs to the area, and we believe that Sunny Hills will be a preferable community for many working families due to its 20 mile proximity to the new airport site.
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