The St. Joe Company Announces the Start of Development on a New 216-Unit Apartment Community to Be Part of its Largest Planned Community in Mexico Beach, Florida | national company

PANAMA CITY BEACH, Fla.–(BUSINESS WIRE)–January 27, 2022–

The St. Joe Company (NYSE: JOE) (“St. Joe”) today announced the start of development of a new 216-unit apartment community that will be part of its larger planned community in Mexico Beach, Florida. Site work for the apartment community is underway on the western end of Mexico Beach near US Highway 98 and the city’s public boat launch. St. Joe creates the planned apartment community with joint venture partner HomeCorp. These apartments will join a 42-unit townhouse community currently under development in the main planned community of St. Joe, which is planned for a total of 944 residences to include a mix of single-family homes and apartments and townhouses. additional townhouses as well as a shopping village within walking distance. .

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A sign welcomes visitors to Mexico Beach, Florida. (Photo: BusinessWire)

This location is approximately 12 miles from the main gate of Tyndall Air Force Base, which is undergoing a multi-billion dollar redevelopment to create what the United States Air Force calls “the base of the future”. Plans call for the 216 units to feature a mix of one-, two-, and three-bedroom apartments, each with a screened-in balcony or patio. The planned amenities of the apartment community include a clubhouse with a fitness center and internet cafe, swimming pool, playground and dog park as well as a gated entrance for residents. Future phases include plans for 201 additional apartments.

“The demand for housing in Mexico Beach is very high and with the ongoing redevelopment of Tyndall Air Force Base, we expect that demand to continue to grow,” said Dan Velazquez, senior vice president of real estate. commercial for St. Joe. “Given the location, planned amenities, and mix of floor plans we plan to offer, we expect this community to attract a mix of people who serve or work at the base, as well as people who just want to enjoy the unique Mexico Beach lifestyle.

“HomeCorp is thrilled to work with St. Joe on this project to bring a much-needed quality apartment community to Mexico Beach,” said Herbert Scheuer, Director of HomeCorp. “We look forward to welcoming residents and bringing our unique approach to multi-family housing to this beautiful area.” St. Joe and HomeCorp have partnered in the past to create the Watersound Origins Crossings and Pier Park Crossings apartment communities.

With the addition of this apartment community, St. Joe’s apartment portfolio includes 1,333 units completed or under construction. Plans are for the first apartments in this apartment community to be available for rent in 2023 and for all units in this first phase to be completed by early 2024.

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 proposed apartment community and the primary planned community in Mexico Beach, 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 for the fiscal year ended December 31. 2020 and subsequent filings, and as follows: (1) St. Joe’s ability to complete the proposed apartment community and primary planned community and (2) and the interest of potential residents, tenants and customers in an apartment community and a main planned community in Mexico Beach, Florida.

About the St. Joe Company

The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use the existing assets for residential, hotel and commercial projects. St. Joe has extensive residential and commercial land use rights. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. Further information about the company is available on its website at www.joe.com. The Company regularly broadcasts a video showing the progress of projects under development or under construction. See https://www.joe.com/video-gallery for more information.

About HomeCorp

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.

©2022 St Joe’s Company. “St. Joe ® ”, “JOE ® ”, the “Taking Flight” Design ®, and “St. Joe (and Taking Flight Design)®” are registered service marks of The St. Joe Company or its affiliates.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220127006016/en/

CONTACT: St. Joe Investor Relations Contact:

Marek Bakun

Financial director

1-866-417-7132

[email protected] Contact Joe for Media Relations:

Mike Kerrigan

Corporate Marketing Director

1-850-231-6426

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

SECTOR KEYWORD: COMMERCE ARCHITECTURE OTHER COMMERCE OTHER CONSTRUCTION & RESIDENTIAL REAL ESTATE BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE URBAN DEVELOPMENT

SOURCE: St. Joe’s Society

Copyright BusinessWire 2022.

PUBLISHED: 01/27/2022 16:05 / DISK: 01/27/2022 16:06

http://www.businesswire.com/news/home/20220127006016/en

Copyright BusinessWire 2022.

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