THE ST. JOE COMPANY TODAY ANNOUNCES THE EXECUTION OF A CONTRACT TO SELL EIGHT HOMESITES IN THE COLLEGE STATION COMMUNITY TO LOCAL BUILDER WINTERFELL CONSTRUCTION
(October 3, 2019) WATERSOUND, FL— The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces the execution of a contract to sell eight homesites in the College Station community to local homebuilder Winterfell Construction (“Winterfell”). Winterfell intends to begin construction of single family homes on the homesites in 2020.
Winterfell joins Structure, LLC as the second Bay County-based homebuilder in this new community located on approximately 592 acres east of Highway 231 in the eastern Bay County, Florida area known as Brannonville. In May, St. Joe began development on the first 126 homesites on approximately 43 acres in College Station.
“We look forward to being a part of the growth of this new residential development,” said Tommy Hamm, President of Winterfell. “The Brannonville area is in need of more workforce housing right now and we look forward to beginning work on these new single family homes.”
Much like the Park Place and Titus Park communities, St. Joe’s other residential developments in eastern Bay County, plans for the development of the College Station community were accelerated in response to the housing shortage created by Hurricane Michael. With the first 41 homesites currently under contact to local homebuilders, St. Joe is actively engaged with additional builders interested in being a part of College Station’s buildout.
“We are very pleased to begin working with Winterfell at College Station,” said St. Joe’s Senior Vice President of Residential Real Estate, Bridget Precise. “Interest from homebuilders in our new residential projects in Bay County has been very high and we look forward to seeing quality workforce housing come to these communities.”
Plans call for homesite development to be completed in early 2020 with home construction starting shortly thereafter.
The College Station community is one of at least 30 new residential, commercial or hospitality projects that St. Joe has or intends to initiate in 2019. For more information on the company’s current project pipeline, see the company’s Business Strategy section of the 2018 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities Exchange Commission (“SEC”).
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 St. Joe’s plans to develop new homesites with homes to be constructed by Winterfell Construction. 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 Second Quarter Report on Form 10-Q filed with the SEC on July 31, 2019 subsequent current report filings, as well as the following: (1) the ability of The St. Joe Company to successfully develop the proposed new homesites, (2) the ability of Winterfell Construction to close on the lots and construct homes and (3) the interest of prospective buyers for the new homes in the College Station 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. More information on the Company’s current project pipeline can be found at www.joe.com/project-updates.
About Winterfell Construction
For more than 13 years, Winterfell has been a trusted builder with experience in both residential and commercial construction. Based in Panama City, Florida, Winterfell has led numerous construction projects in Northwest Florida with a focus on new home and commercial construction, metal buildings and roofing.
©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.
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