WATERSOUND, Fla.--(BUSINESS WIRE)--May 29, 2019--
The St. Joe Company (NYSE: JOE) (“St. Joe”) today announced the
commencement of development of the first 126 homesites on approximately
43 acres in the College Station community and the execution of a
contract to sell 33 homesites to homebuilder Structure, LLC
(“Structure”). These homesites are located within St. Joe’s
previously-announced development in the area known as Brannonville east
of U.S. Highway 231 in Eastern Bay County, Florida. Structure intends to
start construction of new single-family homes on the homesites once
development work is complete in early 2020.
“This new residential community is one of several that were a part of
St. Joe’s long-term development plans that have been accelerated in
response to the housing shortage created by Hurricane Michael,” said
Jorge Gonzalez, President and Chief Executive Officer for St. Joe. “We
are very pleased to announce the commencement of development of this new
community and this contract with Structure for the first 33 homesites.
We anticipate the first phase of homesites will be completed in early
2020 and the first homes under construction soon thereafter.”
Structure, a Panama City, Florida-based homebuilder intends to construct
single-family homes that are priced to meet the needs of the area. “We
are looking forward to building these new homes here in Bay County,”
said Cameron Skinner, President of Structure, LLC. “This is our home
market and we are very pleased to bring new housing to the Brannonville
area.”
Plans for the development call for a large-scale, multi-phase community
on approximately 592 acres. “This contract with Structure for the first
33 homesites marks the first such homebuilder relationship in the
College Station community,” said Bridget Precise, Senior Vice President,
Residential Real Estate. “We are actively in discussions with builders
that have expressed an interest in this new community and welcome
additional homebuilders as the buildout of this community continues.”
Earlier this month St. Joe announced its intent to develop Park Place, a
residential community to be developed on land owned by St. Joe in
Callaway, Florida, as well as an LOI for the sales of the first 51
homesites in that community to Truland Homes. The Park Place community
is being planned for more than 300 homes on approximately 165 acres.
“St. Joe is committed to contributing to a prosperous Bay County,”
Gonzalez added.
Important Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking statements,” within the
meaning of Section 21E of the Exchange Act, including statements
regarding the Company’s plan to develop and sell 33 new homesites to
Structure LLC in the College Station community and the Company’s plan to
develop the Park Place community. 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 The St. Joe Company to successfully develop the proposed
new community, (2) the ability of Structure LLC to close on the lots and
construct homes (3) the interest of prospective buyers for the new homes
in the College Station community, (4) the ability of The St. Joe Company
to successfully develop the Park Place community and (5) the interest of
prospective buyers for the new homes in the Park Place community.
About The St. Joe Company
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.
About Structure LLC
Structure, LLC is a Florida-based construction company founded in 2005.
With its headquarters located in Panama City, Florida, Structure
specializes in single-family home construction throughout Northwest
Florida.
©The St Joe Company 2019. “St. Joe®”, “JOE®”,
the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design) ®”, are registered
service marks of The St. Joe Company or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005936/en/
Source: The St. Joe Company
St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
marek.bakun@joe.com
