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Houston-based Pyek Group, which manages several other waterparks will manage Shipwreck Island's staffing, operations, marketing and other areas.
The agency is aware of around 50 landowners in North Florida who have expressed interest in providing recipient sites.
Panama City Beach officials have approved an exclusive negotiating agreement for the redevelopment of the Russell-Fields Pier.
PCB Councilmen approved Thursday for the city to begin formal negotiations to revamp the area surrounding the entrance of the Russell-Fields Pier.