-Los Angeles-based company to take planning and development lead –

Panama City, Fla., May 01, 2016 – Since July 2015, after successfully entering a competitive bid, Carlsbad, California-based HomeFed Corporation forged an agreement with the City of Panama City to investigate market conditions and feasible site redevelopment options for City Marina. As part of its agreement, HomeFed was tasked with investigating and identifying the ideal company to plan and develop the new marina facility.

After vigorously soliciting development partners with specialized expertise, HomeFed has identified Los Angeles-based Sonnenblick Development LLC as the company with the demonstrated experience, ability and expertise to redevelop the marina site. HomeFed, which introduced Sonnenblick to the city, particularly notes the developer’s track record engaging in public-private partnerships for developing public assets. Sonnenblick, which is currently developing a hotel in Gainesville, Florida, had expressed its eagerness to undertake another in-state project .

Recent major developments by Sonnenblick include a multiphase building project for the County of Los Angeles; Imperial Norwalk (Ca.) Centre; New Jersey Metro Mall; The Loews Santa Monica Hotel; Waldorf Astoria hotels in Palm Beach and Boca Raton; and Flair Plaza Shopping Center in Los Angeles.

As a result of HomeFed’s recommendation, and after extensive discussions with city officials, Sonnenblick has entered an exclusive Memorandum of Understanding (MOU) with the city to take the lead in developing a detailed plan for the marina site. As it is imperative that Sonnenblick’s plans best serve the needs of the city and its citizens, those plans will be negotiated with the city and released incrementally as they evolve over the coming months.

Quotes

Mayor Greg Brudnicki

We are grateful to HomeFed for identifying what I am convinced to be the ideal partner for creating and executing a plan for a world-class facility that will serve citizens of Panama City, as well as our many guests, for generations to come. We look forward to our partnership with Sonnenblick, and are eager to see their comprehensive plans as they emerge over the coming months. Principle of Sonnenblick LLC Robert Sonnenblick

The potential for redeveloping the Panama City Marina site into a first-class facility is staggering. The site overlooking beautiful St. Andrews would be the envy even of much larger cities. Every element is present to allow us to work with Panama City and its citizens in a flexible way to design and execute a waterfront facility which will suit the needs of present citizens as well as drive tourism and further economic development. We are grateful to HomeFed for arranging the team to design and build the coming plan, and we are honored that the citizens of Panama City are entrusting this critical project of Sonnenblick.

City Manager Jeff Brown

Our waterfront is one of our greatest assets, so it’s fitting that the City Marina site will be our first step towards enhancing citizens’ and visitors’ experience of that asset. HomeFed worked tirelessly investigating and narrowing down the field for the ideal development partner for working with the city and its citizens to create and execute something we will all enjoy and be proud of well into the future. As the official charged with overseeing how the city’s public dollars are spent, I can’t imagine a better investment in our city’s future.

City of Panama City Commercial Development Council Chairman John Kady

The city’s CDC is charged with examining any proposed project through the lens of its commercial viability. Sonnenblick has demonstrated a solid portfolio of developments that have not only enhanced communities’ aesthetic profile, but also worked as an asset for spurring commercial enterprises that encourages entrepreneurships, attracts new businesses and creates good jobs for more citizens. I could not be happier that we have engaged Sonnenblick, and I look forward to seeing what the firm, in partnership with the city, devises.

Destination Panama City CEO and President Jennifer Vigil

Tourism is a key economic driver for Bay County and all of Northwest Florida. In order to be viable in an increasingly competitive tourist market, Panama City must invest in its most compelling asset – our waterfront. Redeveloping City Marina for the 21st century is the keystone that will hold all the other elements in place for attracting visitors – and future businesses and citizens – to the area.