A joint venture of homebuilder Minto Communities LLC, lifestyle brand Margaritaville Holdings LLC and real estate company St. Joe Co. initiated land development activities for their new adult community Latitude Margaritaville Watersound in Florida's Panhandle region.

The site, which is in Bay County near Panama City Beach and the Scenic Highway 30-A corridor, is set for groundbreaking in spring 2020.

The first phase of the development will include approximately 3,500 homes with a sales center, model homes and resort-style amenities for residents aged 55 and above. The sales center and models are expected to open in early 2021.

The site is the third Latitude Margaritaville community to be developed by Minto and Margaritaville, and the first to be developed in partnership with St. Joe. The community lies within St. Joe's Bay-Walton Sector Plan that is entitled for approximately 170,000 homes.