Panama City, FL – May 22, 2019 – Panama City leaders hope the designation of three opportunity zones in the city will help with revitalization after Hurricane Michael. Along with thousands of homes, the category 5 storm damaged much of Panama City’s business districts. Now with a surplus of vacant retail space and a wealth of incentives to invest, the city is ripe for revitalization.

Opportunity Zones are an economic development tool designed to spur economic development and job creation in distressed areas by providing tax benefits to investors. The three zones in Panama City include Downtown Panama City, Millville and the Panama City Mall and Bay Point shopping area. The areas were nominated by Gov. Rick Scott and designation was granted by the Secretary of the U.S. Treasury in 2018.

“Now more than ever, this program can be a viable mechanism to help us revitalize our area and recover from Hurricane Michael,” says Mike Lane, Panama City planning services director. “This incentive can help us rebuild bigger and better. If anyone has been considering setting up in Panama City, now is the time to do it.”

Pedestrian-friendly historic Downtown Panama City serves as the area’s art and theater district, anchored by the Martin Theater, the City Marina and the Marina Civic Center. With several structures on the National Historic Register, this neighborhood offers unique vintage buildings which house some of the area’s finest antique shops, art galleries and specialty shops.

“I always wanted to be downtown, and thanks in part to these incentives I have purchased two buildings downtown,” says Aaron Rich, downtown business owner. “I see the future in this area. Ten to 20 years from now it’s going to be amazing and people are going to regret not making a decision to invest.”

To learn more about the opportunity zones in Panama City, contact Mike Lane at [email protected].