Fanning Bayou Development LLC Announces Site Development on Fanning Bayou Project

Atlanta, Georgia (April 15, 2008). Fanning Bayou Development LLC, a wholly owned subsidiary of Ashwood Development LLC, today announced that construction is underway at the master planned community of Fanning Bayou.

Sitting on nearly 700 acres on pristine North Bay in Panama City, Florida, Fanning Bayou will include nearly 900 single-family lots when complete.  As one of the area’s first planned unit development (PUD), Fanning Bayou also includes locations for 200,000 square feet of commercial space.  The project is surrounded by thousands of acres that are permanently in conservation on the North and West Bay.  Fanning Bayou also sits 8 miles from the site of the future Panama City International Airport that is now under construction.

Phase 1 of the project includes construction of the main entrance road into the project, including a large bridge that connects the western and eastern portions of the project.  Phase 1 also includes the installation of all utilities to the site, including municipal sewer, water, and electrical services.  “Starting in late 2005, we began working with Gulf Coast Electric Cooperative (GCEC) to bring municipal sewer and water to this area,” said Jack Williams, chief operating officer of Fanning Bayou Development LLC.  “Bay County has now taken over operations of both services in this area of Bay County , but we take pride in having assisted in ensuring that this area of the county has municipal services, especially the city of Southport.”  Williams noted that GCEC will continue to provide electrical services to the entire site.

 “Even with spring rains in Florida, we still expect Phase 1 of construction to be complete by July 2008,” Williams added.  “The excellent team on this project, including our own staff, gives us great confidence in our ability to meet that date.  Once this phase is completed, visitors will have a true appreciation of the beauty of the 6.5 miles of water frontage at Fanning Bayou.”

The project team includes site work by GAC Contractors of Panama City, civil engineering and inspection by Preble-Rish Engineers of Lynn Haven, and legal affairs by Harrison, Rivard, and Bennett, Chtd, of Panama City .