THE ST. JOE COMPANY

“With the need for rentable space of this type in Bay County following Hurricane Michael, we believe that this is the right time to accelerate this project and begin construction. Should demand remain strong, we will consider constructing more leasable space within the commerce park.”

Master developer Minto Communities USA  global lifestyle brand Margaritaville Holdings and The St. Joe Company  announce the official formation of their joint venture to develop Latitude Margaritaville Watersound.The first phase of the project is anticipated to include approximately 3,500 homes with supporting sales center, community amenities and infrastructure for the 55-and-better community. The community is projected to break ground by the end of 2019.

“The Titus Park Community is one of several projects that St. Joe has accelerated in response to market conditions created by Hurricane Michael,” said Bridget Precise, Senior Vice President, Residential Real Estate for St. Joe. “We believe the current housing shortage that exists in Bay County makes now the right time to move forward with the Titus Park community and other residential projects to create new housing for the area.”

“This joint venture aligns with our strategy to partner with best-in-class operators to continue to grow and diversify recurring operating income,” said St. Joe President and CEO Jorge Gonzalez. “Busy Bee has a proven track record of successful operations and strong brand loyalty. We are very pleased to have partnered with Johnson & Johnson and we look forward to introducing Busy Bee to Panama City Beach.”