WATERSOUND, Fla.--(BUSINESS WIRE)--Nov. 27, 2018--
The St. Joe Company (NYSE: JOE) (“St. Joe”) and Watercrest Senior Living
Group, LLC (“Watercrest”) today announced their intent to pursue
formation of a joint venture to construct and own a new assisted living
and memory care community in Santa Rosa Beach, FL. The community is
currently expected to consist of 107 units, which includes 75 units
dedicated to assisted living and 32 units for memory care. The new
senior living community will be located off West Hewett Road, near
Highway 98 and the west end of Highway 30A, on St. Joe land. The parties
expect that while St. Joe will be the majority owner in the project,
Watercrest will manage community operations.
Watercrest communities are known for featuring premium accommodations
and exceptional amenities and world-class care. Residents enjoy access
to a wide array of resort-style amenities, which may include fine dining
venues, pool, spa, wellness programming with aquatic therapy, and health
education. Serving and enriching the lives of residents within
Watercrest communities is a core belief and the foundation on which
Watercrest has based its successful operation throughout the
Southeastern US. This will be the first Watercrest facility in Northwest
Florida.
“We are honored to partner with The St. Joe Company to bring a luxury
Watercrest senior living community to the Florida Panhandle,” said Marc
Vorkapich, Principal and Chief Executive Officer of Watercrest. Mr.
Vorkapich added, “We are excited to bring our company’s luxury
aesthetic, world-class care and innovative programming to the region.”
“We are excited to announce this senior living project with a best in
class partner like Watercrest,” said Jorge Gonzalez, President and Chief
Executive Officer of The St. Joe Company. Mr. Gonzalez added,
“Watercrest has a unique approach and platinum standards, which we
believe truly set its communities apart. We look forward to forming a
great partnership and serving the growing demand of senior care in
Northwest Florida.”
Construction of the new Watercrest community is expected to begin in
2019, and the parties anticipate welcoming new residents by the end of
2020.
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 Watercrest’s and St. Joe’s future intent to enter
into a joint venture to construct, manage and own a new senior living
facility, the anticipated success of that joint venture and prospective
interest in a senior living community in Walton County. At this point,
St. Joe and Watercrest have not reached any sort of agreement, and the
parties have not entered into any definitive documentation with respect
to the joint venture, meaning that neither party is bound to move
forward at this stage. This press release is a disclosure of an intent
of Watercrest and St. Joe to pursue a joint venture and either party may
decide not to pursue the joint venture. 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 for the year ended December 31, 2017, its
Quarterly Report on Form 10-Q filed with the SEC on May 2, 2018 as
updated by subsequent current report filings, as well as the following:
(1) the ability of St. Joe and Watercrest to mutually agree to a joint
venture structure and joint venture documents, (2) the ability of St.
Joe and Watercrest to successfully complete the proposed project and
obtain the necessary approvals for the project, and (3) the continued
interest of prospective buyers of a senior living community in Walton
County.
About St. Joe
The St. Joe Company, together with its consolidated subsidiaries, is a
real estate developer and manager. The Company owns land concentrated
primarily in Northwest Florida and has significant residential and
commercial land-use entitlements in hand or in process. The Company also
owns various commercial, resort, and club properties. More information
about the Company can be found on its website at www.joe.com.
About Watercrest Senior Living Group
A certified Great Place to Work, Watercrest Senior Living Group
specializes in the development and operations of assisted living and
memory care communities, and the growth of servant leaders. For
information, visit www.watercrestslg.com.
©The St Joe Company 2018. “St. Joe®”, “JOE®”,
the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design) ®”, are service marks
of The St. Joe Company or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181127005874/en/
Source: St. Joe
St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
marek.bakun@joe.com
