The St. Joe Company and HomeCorp Announce Joint Venture
PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--
The St. Joe Company (NYSE: JOE) ("St. Joe") and HomeCorp announced today
the formation of a joint venture to develop, manage, and lease
multi-family housing in Panama City Beach, Florida.
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"HomeCorp is pleased to be working with St. Joe and be able to expand
HomeCorp's unique approach to multi-family housing into the Panama City
Beach market," stated Jim Curtis, Principal of HomeCorp. Curtis added,
"We believe there is strong demand for high quality apartment living in
"We're excited to join forces with HomeCorp and take advantage of their
proven track record of successful apartment development and strong
leasing experience," said Jorge Gonzalez, President and Chief Executive
Officer of The St. Joe Company. Gonzalez added, "This venture is also
consistent with our strategy of partnering with best in class operators
to expand our portfolio of income producing properties while maintaining
a low fixed expense structure."
The parties are working together to design, develop and construct a 240
unit multi-family apartment home community to be located on land owned
by St. Joe in the Pier Park area. HomeCorp will serve as the
construction and leasing manager for the project.
Important Notice Regarding Forward-Looking
This press release contains "forward-looking statements," within the
meaning of Section 21E of the Exchange Act, including statements
regarding the future success of the HomeCorp venture and prospective
tenant interest in Northwest Florida. 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 March 2, 2017 as
updated by subsequent current report filings, as well as the following:
(1) the ability of St. Joe and HomeCorp to successfully complete the
planned apartment complex, (2) the ability of St. Joe and HomeCorp to
capitalize on the interest of prospective tenants in Northwest Florida,
and (3) the continued interest of prospective tenants in Northwest
About St. Joe
The St. Joe Company together with its consolidated subsidiaries is a
real estate development, asset management and operating company
concentrated primarily between Tallahassee and Destin, Florida. More
information about St. Joe can be found on its website at www.joe.com.
HomeCorp, a fully integrated real estate organization since 1987, is a
recognized leader in the ownership, management, acquisition and
development of multi-family residences. More information about HomeCorp
can be found on its website at www.homecorpinc.com.
"St. Joe®", "JOE®", the "Taking Flight" Design®, "St. Joe (and Taking
Flight Design)®" are registered service marks of The St. Joe Company.
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Chief Financial Officer
Source: The St. Joe Company
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