By Will Estell
The highly anticipated and desired Calypso Tower III is Panama City Beach Florida’s first brand new high-rise condo development in eleven years, and one that is generating a lot of excitement from both tourism related professionals and real estate investors alike. I’ve seen it in person during various stages of the build, and I’ve viewed schematics of the floorplans and finished product. I’ve also seen the amenities that will become a part of this resort. I can tell you first-hand, this is going to be one of the nicest resorts I’ve followed, reviewed, and written about anywhere… and I’ve seen a whole lot of new resorts over the past two decades.
While following this exciting project, I’ve had multiple conversations with developers at Mimosa Capital, including Managing Partner, Thomas Johnson, as well as the principals of Century 21 Blue Marlin Pelican, Jerry Sullivan and John Hughes, who along with their group of professional agents, make up the dedicated real estate company handling the Calypso Tower III sales. And, yes, there are still units left, however at the rate they are going you’ll want to move quickly to make your beach condo ownership dream come true. I’ve also had extensive conversations with the individual agent who’s sold more than anyone else of the 130 plus units already spoken for, C21 Blue Marlin Pelican’s Wendi Townsend. In the course of some of these conversations Townsend has provided me with up-to-date information about the development’s progress, buy as importantly, she’s shared the reactions and excitement of the families and investors who’ve already purchased one or more of the Calypso Tower III units. It seems that many who take the tour and visit the model unit are pretty much sold from then on no matter what other condo development they may also be looking at in or near beautiful Panama City Beach. “The combination of the layout and design, coupled with the resort’s amenities, and the unmistakably wonderful gulf views and location just make the place hard to compare to anything else on the market right now along Panama City Beach” Townsend says. “When people who are seriously looking and ready to buy see it, they just seem to know it’s not going to get any better anywhere else. That this is the one.”
I also sat down with the developer of this 22 floor luxury beach resort, William (Bill) Smith, to find out just a little more about this exciting new $60,000,000 development and what we can all expect from the third luxury tower that Smith has been involved in as part of Panama City Beach’s affluently appealing Calypso trio. Smith, who’s been developing since 1995, was the founding developer behind the ever popular Calypso I and II, and is the only original developer involved in the first two towers to also be involved with the new tower being developed by Alabama based, Mimosa Capital. The original Calypso projects began in 2000 and were completed in 2006. Both of the current resort towers continue to be some of the most popular condominiums in all of Panama City Beach, with 198 units in each of the luxury high-rises. As is the case with Calypso I and II, one of the most important draws of Calypso Tower III is its location. “The old adage of location, location, location is absolutely true, and is a prime reason this development is generating the attention that it is, and will continue to well after its completion” Smith tells me. The Calypso property sits right beside Panama City Beach’s vastly popular and massively expansive Pier Park shopping and entertainment district, as well as being right across from the popular Panama City Beach Public Fishing Pier. Perhaps best of all, however, is that Calypso Tower III will offer direct access, via its walkover, to the beautiful sands and shores of the Gulf of Mexico; the primary reason that people really come to this stretch of Northwest Florida’s Gulf, those white sands and clear emerald waters.
Calypso’s Tower III reaches 22 floors high, and is home to 250 luxury condo units. An ultraconvenient walkover connects Tower III and the Calypso eight-story parking garage to Calypso Towers I and II, tying all of the properties together as one magnificent resort. As for the condos themselves Smith and those involved in the design of the project, including DAG Architects, decided to do something a little differently with Calypso Tower III, and offer it in only one and three bedroom configurations. Smith tells me that the reasoning behind this is that most people either need one bedroom or they need three, and from an investment standpoint most buyers will agree they get a better return, and more for their money, with a three bedroom unit than with a two. Within the one and three bedroom configurations, Calypso Tower lll offers a variety of four floorplans depending on which one or three bedroom layouts you choose and where it’s located within the tower. At the current rate the new units are moving there are now only certain layouts available, at this time, however you can still get in on one of the three bedroom units easily, and depending on how much later you are reading this article, perhaps you may get lucky and still be able to snag one of the few remaining one bedroom units available as of the beginning of this summer.
With Calypso Tower lll being the first new high-rise condominium project to hit Panama City Beach in eleven years it has been extremely important to everyone involved to make certain this new tower was not only the best it could be, but actually better than it even had to be, or anything else in the area is. Bill Smith told me the development group decided to make several positive changes in the design of Calypso Tower lll compared to what buyers would customarily find in similar, but older resorts in the area. One of these above-and-beyond additions would include making the balconies an entire ten feet in length, as opposed to the six feet in the first two towers and other nearby developments. The new Calypso Tower III condos also come with upgraded air conditioning units for better efficiency and well-appointed kitchens and baths, comparable to that which you’d expect in custom built homes in palatial gated communities.
Mimosa Capital’s Managing Partner, Thomas Johnson, also discussed some of the affluently appealing design elements of the Tower III project, including the decision to go with nine feet high ceilings throughout every single unit, along with installing ceiling fans in the living room and all of the bedrooms. Both of these being something I can attest you don’t see in many new condos unless owners have upgraded to that after their purchase. Johnson also talked about their decision to use full size washers and dryers in each unit, and upgraded raised panel cabinets with real granite countertops throughout the kitchens and bathrooms. All units also feature walk-in closets, whereas many condos have much smaller, more short-stay friendly only closet space. “These units and the décor and design packages that are offered are nothing short of spectacular, and I believe most buyers will be surprised when they see the quality and design that has gone into the entire property” Johnson stated in one of our conversations. “When buyers see what all of the units, of any plan or size, include they are going to be pleasantly surprised and impressed, and that’s exactly what all of us want; to give more than a buyer expects, and deliver beyond their expectations. From their units to the pool area to the resort amenities to the walkover beach access, we are giving our buyers the whole package of beach condo ownership, and doing it at a very reasonable investment too” Thomas went on to say.
Bill Smith and I also talked about the anticipated return for those buyers investing with the intention of renting their Calypso Tower III units, and these are strong, to say the least. Current projections are showing a $41,000 gross rental income on a one bedroom condo, and $72,000 annually for the three bedroom units. Not bad numbers at all for someone who wants to buy a piece of paradise, make some money on your investment, and also have a place to keep open for yourself a few weeks or more of the year. As part of the development’s ease of ownership experience, there will be an onsite rental management office to help owners simplify the process. As for build quality and attention to detail, the project is being handled by Killian Construction, from Springfield Missouri, who’ve been involved in commercial development since 1948, having done over 330 projects across the country, so buyers can be sure that their investment will stand the test of time, weather, and anything that’s thrown at it.
At Calypso Tower lll, as with the entirety of the Calypso Beach Resort, there is no shortage of things to do and places to dine, shop, and play right within walking distance of the property. The views are unbelievable and allow you to see over the emerald green waters and white sands of Panama City Beach from three different angles. And the proximity to Pier Park, and all of the exciting attractions of this most desirable end of Panama City Beach is another reason this place is just so ideal for investors and vacationers alike. Jerry Sullivan, Co-owner and Broker at the real estate firm in charge of promoting and listing the new Calypso tower; Century 21 Blue Marlin Pelican, gets pretty excited when talking about the associated amenities, saying, “This place just really has it all. Anything you and your family could want or desire for your ideal beach condo development. There is an expansive zero entry lagoon pool measuring over 7,800 sq. feet, that’s even complete with an island in its center. The pool also has an indoor portion for use in inclement weather, or the winter months. There’s a huge hot tub, a state-of-the-art 3,600 sq. ft. fitness center, with modern circuit training and weight equipment and cardio pieces, and even a snack bar. I mean, it’s just anything and everything you need to stay for a week or a year”. Sullivan goes on to tell me he believes the best reason to buy and own at Calypso lll is simply being able to leverage an investment that not only has the ability to provide substantial rental income, but has the above average potential to bring strong and steady increases in equity positioning, while also being something you can use and enjoy yourself for years to come. “We are honored to be the onsite sales team for Calypso Tower III. With over half the building currently pre-sold we’re excited going into the final phase and getting all of these owners from around the country moving in at the end of 2019. We can’t wait!” says Sullivan. “Whatever your individual reasoning for purchasing at Calypso III, I think those who do will be very happy about their decision to, as it’s sure to be one of the best investments you can make when you’re buying the beach!”
For more information about Calypso Tower III visit them online at CalypsoResortandTowers.com or call a Century 21 Blue Marlin Pelican at (850) 837-7800. If you’re near the Panama City Beach area you can also stop by the Century 21 Blue Marlin Pelican on-site sales center located at 15900 Front Beach Road in Panama City Beach, adjacent to the Calypso property.