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The development in part of Northwest Florida had previous names such as Floriopolis, Park Resort and Panama City Beach. In 1906, the development was named Panama City and incorporated as a city in 1912. The name "Panama" is an anglicized version of the Spanish word for "panama hat", which is known locally as caja de panama ("panamax"). The original name for the area was Limón Bay Province (or Limon Province), after its large bay or lagoon that stretches roughly from present-day Fort Walton Beach to Pensacola Pass on Santa Rosa Island. As reported by Peter Martyr d'Anghiera (1520–1526) in 1523: In 1670, when Panamanians founded their first permanent settlement on Isla del Rey Jorge they called it New Nombre de Dios; this eventually became Spanish Town – today's Old Town district – which has been partially restored and preserved by archaeological excavations conducted since 1994 under supervision of Drs William H.