Watermark Residential begins development of 312-unit multifamily community in Florida

Watermark Residential has acquired 17 acres of land in Panama City Beach, Fla.

The company will develop Watermark at Urban Blu, a class A multifamily community with an expected completion date of April 2022.

Located within the 32-acre Urban Blu Planned Unit Development, the site is conveniently nestled in-between the two main thoroughfares of Panama City Beach: Highway 98 (Back Beach Road) and Front Beach Road. As the only multifamily community with connections to both roads, Urban Blu will offer unmatched access to the area’s major employers, such as Tyndall Air Force Base, as well as a direct shot to the famous beach and numerous retail shops, dining locations and other amenities.

“The Panama City Beach area has struggled to provide a supply of quality multifamily homes to keep up with the demand of a growing population,” said Paul Thrift, president and CEO of Thompson Thrift and Watermark Residential. “With the U.S. government’s $3.4 billion commitm