The City of Panama City is taking significant steps toward addressing affordable housing needs following a recent Community Redevelopment Agency (CRA) meeting. The board has directed staff to collaborate with the Sankofa Group to explore a public-private partnership (P3) aimed at redeveloping a vacant site into a mixed-use development that balances market-rate and affordable housing.

During the meeting, discussions highlighted the challenges of providing affordable housing in the current market, particularly the need for local programs to support financing. Developers emphasized the importance of creating a mix of market-rate townhomes and affordable apartments to foster community integration and deconcentrate poverty. The proposed plan aims to attract residents who may have left the area, providing them with opportunities to return.

A key aspect of the redevelopment strategy includes community involvement, with board members suggesting workshops to gather input from local residents. This approach aims to ensure that the development aligns with community needs and expectations. Additionally, the board discussed the necessity of establishing performance metrics and potential reverter clauses to safeguard against future inaction on the site.

The board's decision to pursue a memorandum of understanding with the Sankofa Group marks a proactive step toward revitalizing the area while addressing the pressing issue of housing affordability. As the city moves forward, the collaboration aims to create a development that not only meets market demands but also serves the community's diverse needs. The next steps will involve detailed negotiations and further community engagement to shape the final project.