Old Panama City Grammar School for sale with $1.75 million price tag
PANAMA CITY — A local building constructed more than a century ago hit the real estate market with a $1.75 million price tag.
Located at 101 E. Seventh St., Panama City, the old Panama City Grammer School building is once again on the market.
Here’s what we know:
Why is the building important?
Built in 1914, the Panama City Grammar School building is an an ornate piece of old-Florida architecture with ties to many Bay County old-timers.
It started as a high school before transitioning into an elementary school in 1926. It operated as a school until 1965, after which it was purchased by First Presbyterian Church.
The Panama City Grammar School was added to the National Register of Historic Places in 2020.
After Category 5 Hurricane Michael devastated the area in 2018, First Presbyterian Church prioritized its efforts to rebuilding its own facilities. The church listed the school building for sale in 2019, and it was bought by an Alabama-based developer in 2021. The developer planned to turn the building into apartments.
According to Kevin Wattenbarger, a real estate broker involved in the sale, the project ended up not being economically viable for the developer. Construction prices increased over the years, and it was unclear whether a tax credit would stick.
What are the prospects for the sale?
The old Panama City Grammar School building is now once again for sale with a price tag of $1.75 million.
With the revitalization of downtown and the unique amount of acreage the property sits on, Wattenbarger thinks there is a demand for the project. The real estate company is leaning into the market to see what type of buyers might show interest.
While the current listing is for multi-family residential, government or commercial entities might also be interested.
Although it is possible for a buyer to demolish the building, Wattenbarger said they would lose out on some tax breaks. On top of incentives they might get from revitalizing a building on the National Historic Registry, the school is also in a opportunity zone. This means they could see relief in capital gains tax.
What is the building’s condition?
Following damage from Hurricane Michael, the school’s interior was exposed to the elements for almost seven years. Its interior likely needs to be renovated.
Wattenbarger said he believes Panama City officials will support efforts to preserve the historic local landmark.
According to a city of Panama City spokesperson, there are not yet any permits for the site.
link
