A Louisiana-based development company has submitted plans for a 268-unit apartment complex in Downtown Fort Walton Beach, a projected $60 million to $70 million project that could kickstart broader redevelopment efforts in the area.

• “120 Lowery Place LLC” filed an expedited development order for “The Heights of Fort Walton Beach” on Oct. 3, which is currently under review by city staff. The project at 120 Lowery Place would consist of two separate four-story residential buildings — one with 184 units and another with 84 units.

The property was once home to the old Fort Walton schoolhouse and later served as a school district facility until it was sold as surplus property and demolished. City Council rezoned the site from Community Facilities to Mixed-Use High in April to accommodate a high-density development. The Hammond, Louisiana-based Stoa Group is under contract to purchase the property and would own, build and manage the community.

Blake Brinson, development manager Stoa Gulf Coast, said the location and opportunity to deliver a new product to Fort Walton Beach attracted the company to the site.

“This will really be the first-of-its-kind product built specifically in Fort Walton Beach,” Brinson said. “We think that it’s the opportunity to build something new and unique, and offer the greater community of Fort Walton Beach an attractive, Class A community to come and live at.”

The residential-only complex will feature a mix of one-, two- and three-bedroom units, with the majority being one- and two-bedroom apartments. Plans include an 8,000-square-foot clubhouse with co-working space, a club and game room, a fitness gym with yoga studio, and a resort-style pool. A dog park is also planned for the community.

• Both buildings will be elevator-serviced, with one featuring an internalized corridor that will house the community amenity area with pool and clubhouse.

Brinson said the units will be luxury apartments with white shaker cabinets, granite countertops, stainless steel appliances and washer and dryer provided in each unit. Expected rents would start around $1,700 a month for one-bedroom units, $2,000 for two-bedrooms and $2,300 to $2,400 for three-bedrooms, though pricing is subject to market conditions.

Complex example

The complex is also expected to be staffed by six to eight Stoa employees working full-time on the property, including a full-time leasing staff and maintenance team.

Stoa Group has built other projects throughout the Florida Panhandle, including communities in Crestview, Freeport and Pensacola, where the company maintains an office.

Brinson highlighted the property’s proximity to Eglin Parkway and Highway 98 as part of what made the location desirable. He said close access to a nearby Publix grocery store would also be a great amenity for tenants.

• “We would love nothing more than to see this kickoff the Downtown Master Plan,” Brinson said, referring to the city’s big-picture-plans for the area. “We’d love to see that happen. I think there’s just a ton of opportunity with all the waterfront property right there to really see some great things come to life in the city.”

The development order is being reviewed by various city departments, including building, utilities, GIS, fire and planning, to ensure the project conforms to Florida statutes, fire codes and land development codes.

The project aligns with the property’s current MX-2 zoning. As an expedited development order, it is handled at the Growth Management staff level and does not require City Council approval.

Stoa Group aims to break ground in the first half of 2026, with total construction expected to take about two years. However, Brinson said the company hopes to phase the project so residents can begin moving in by fall 2027, with the amenity center opening and some units finished while construction continues on other portions of the complex.

Choctaw Engineering is serving as the project engineer.