101 E 7th Street is the site of the historic Panama Grammar School (1915), individually listed on the National Register of Historic Places. The three-story concrete and brick educational building remains on the 2.58-acre site and represents one of Panama City’s most significant historic redevelopment opportunities. The property is located within a Qualified Census Tract, providing eligibility for federal Opportunity Zone (OZ) incentives. With the recent passage of the One Big Beautiful Buildings Bill (2025), Opportunity Zones were enhanced to provide extended capital gains deferral and additional tax credits for qualifying historic and mixed-use development projects—benefiting investors who undertake substantial rehabilitation or adaptive reuse. Previous development studies and schematic plans contemplated the renovation of the historic building into ±25 multifamily units, along with potential new infill residential construction on the remainder of the site to create a larger, mixed-use residential (90 + unit) community. Opportunity Zone Benefits (2025 Updates) Capital Gains Deferral & Reduction: Investors can defer taxes on eligible gains invested into the project. Enhanced Depreciation: The “One Big Beautiful Buildings Bill” expanded accelerated depreciation schedules for historic rehabilitation. Tax Credits: Additional OZ credits now stack with Federal Historic Tax Credits (HTCs) for qualified rehabilitation expenditures. Exit Advantage: Investments held 10+ years in Opportunity Zone funds may qualify for zero capital gains tax on appreciation.