WATERSOUND, Fla.--(BUSINESS WIRE)--May 2, 2019--
The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces the
construction of a new building at VentureCrossings Enterprise Centre
(“VentureCrossings”) in Panama City, Florida. This light industrial flex
space is currently under construction and is located on Venture
Crossings Boulevard near the Northwest Florida Beaches International
Airport. Once complete, this building will offer approximately 59,770
square feet of rentable space.
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VentureCrossings Enterprise Centre in Panama City, Florida (Photo: Business Wire)
Future tenants will join GKN Aerospace, one of the world’s largest
independent first-tier suppliers to the aviation industry, at
VentureCrossings. This new building can be subdivided into as many as 10
individual spaces, or single tenant can occupy the entire space. Plans
call for the building to feature individual front entries and rear dock
doors for each space and approximately 28-foot clear ceiling heights.
The building’s proximity to the airport makes it an attractive space for
businesses looking to operate in Northwest Florida. “The growth of the
Northwest Florida Beaches International Airport has created opportunity
for the surrounding area and the region in general,” said Dan Velazquez,
Senior Vice President of Commercial Development for St. Joe. “Companies
that are selecting new sites often value easy access to convenient air
service and highways. With close proximity to the airport and easy
access to Interstate 10, VentureCrossings provides the convenience and
access businesses desire.”
Previously, St. Joe announced plans to construct and operate a new hotel
in the VentureCrossings area that will create additional growth and
opportunity surrounding the airport. Plans call for construction on the
hotel to begin in late 2019.
“This new building provides a great opportunity for businesses that are
in need of additional space as well as organizations that are
considering Bay County as a future location,” said Becca Hardin,
President of the Bay County Economic Development Alliance. “Companies
that are considering Bay County take note of our growing advanced
manufacturing base, higher education offerings, motivated workforce and
of course our world famous beaches. The growth of VentureCrossings with
this new building will further enable us to attract new business and
create more jobs for Bay County residents.”
As construction continues St. Joe is actively engaging with prospective
tenants interested in leasing opportunities. Plans call for the building
to be ready for tenants in late 2019.
Additional information regarding this building, including leasing and
contact information, can be found at www.joe.com/commercial-real-estate.
Important Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking statements,” within the
meaning of Section 21E of the Securities Exchange Act of 1934, including
statements regarding plans to develop, own and manage a building at
VentureCrossings Enterprise Centre and expected timing of completion for
tenant occupancy. These forward-looking statements are qualified in
their entirety by cautionary statements and risk factors set forth in
St. Joe’s filings with the SEC, including its Annual Report on Form 10-K
filed with the SEC on February 27, 2019 as updated by its First Quarter
Report on Form 10-Q filed with the SEC on May 1, 2019 subsequent current
report filings, as well as the following: (1) the ability of St. Joe to
develop a new building at VentureCrossings Enterprise Centre, (2) the
ability of St. Joe to successfully complete the proposed building at
VentureCrossings Enterprise Centre, (3) the continued interest of
prospective tenants of space in a building at VentureCrossings
Enterprise Centre.
About St. Joe
The St. Joe Company, together with its consolidated subsidiaries, is a
real estate development, asset management and operation company. The
Company owns land concentrated primarily in Northwest Florida and has
significant residential and commercial land-use entitlements in hand or
in process. More information about the Company can be found on its
website at www.joe.com.
©The St Joe Company 2019. “St. Joe®”, “JOE®”,
the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design) ®”, and “VentureCrossings®“
are service marks of The St. Joe Company, its affiliates or third
parties.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190502005835/en/
Source: The St. Joe Company
St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
marek.bakun@joe.com