The national credit crisis and real estate slowdown have rocked a Florida housing development with links to
The La Borgata townhome and condo development in Panama City Beach, which broke ground in 2006 with an appearance by Jackson and featured the country star on billboards, has been put on hold.
Richard Kjellander, VP of operations and development for Ronnie Gilley Properties, told the local News Herald conditions for the complex have cooled.
“We are not walking away from the project,” Kjellander said. “But we are at a standstill right now because of the housing market.”
While improvements to infrastructure have been made on the property, it’s still a long way from the luxury development in which Jackson had planned to maintain a residence, according to the News Herald. Still, Kjellander noted the company, which is based in Alabama, wasn’t done with the region just yet.
“We are watching that area with interest,” he said. “For now, we are being squeezed from both sides.”
Ronnie Gilley Properties also has ties to other country stars including George Jones, Kix Brooks, Tracy Lawrence and Darryl Worley.