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PANAMA CITY BEACH, Florida, January 11, 2022– (COMMERCIAL THREAD) – The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces the start of development of Watersound West Bay Center, a lifestyle shopping center adjacent to the Latitude Margaritaville Watersound community in Panama City Beach, Florida. Plans call for the center, which has the potential to include approximately 350,000 square feet of rental space in construction, to have a mix of retail, restaurants, offices and medical spaces.
This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20220111006108/en/
Conceptual site map of the Watersound West Bay Center in Panama City Beach, Florida (Photo: Business Wire)
The center is planned for an approximately 110-acre site located near the intersection of State Road 79 and West Bay Parkway at the entrance to the Latitude Margaritaville Watersound community. This community of active adults, which should include 3,500 homes, welcomed its first residents at the end of 2021. Since the start of home sales in June 2021, more than 450 homes have been placed under contract. St. Joe plans to design the lifestyle shopping center with golf cart and pedestrian connectivity to the residential community. The State Road 79 Corridor is one of the main arteries for vacationers visiting the area by car or through the nearby Northwest Florida Beaches International Airport. Minutes from the planned Watersound West Bay Center, St. Joe has begun work on the site of another large multi-phased residential community and has plans for a hospital and medical campus.
“The Watersound West Bay Center is designed to serve not only residents of the growing Latitude community of Margaritaville Watersound, but also the region as a whole,” said Dan Velazquez, senior vice president of commercial real estate for St. Joe’s . “We intend to create a welcoming environment for visitors, whether they come shopping or spend a day shopping and dining. Current plans include mixed-use buildings with shops and restaurants on the first floor and offices on the second floor as well as a grocery store and pharmacy. “
“This announcement comes at a time of tremendous growth in Northwest Florida,” continued Velazquez. “In addition to the initial success of the Latitude Margaritaville Watersound community, the region’s population growth is among the highest in the state and the Northwest Florida Beaches International Airport welcomed more passengers in 2021 than any other year in its history. story. With these market conditions and the ideal location of the center, we are delighted to move forward with Watersound West Bay Center. “
St. Joe’s current commercial portfolio includes nearly one million square feet of rental space in Northwest Florida, 87% of which is currently leased. Work on the Watersound West Bay Center site is underway and St. Joe intends to begin vertical construction in the fall of 2022.
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 Watersound West Bay Center. These forward-looking statements are fully qualified by the caveats and risk factors set out in documents filed by St. Joe’s with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and the subsequent filings, as well as as follows: (1) the ability of St. Joe to complete the proposed Watersound West Bay Center and (2) and the interest of tenants and potential customers in a lifestyle shopping center in Panama City Beach , in 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 businesses. St. Joe has significant residential and commercial land use rights. The Company is actively seeking a higher and better use of its real estate assets through a range of development activities. You will find more information about the Company 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.
© 2022 La Compagnie St Joe. “Saint-Joe®“,” JOE®“, the” Take off “design®, “St. Joe (and the Flight Design) ®“and “The sound of water®“, 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/20220111006108/en/
Contacts
St. Joe’s Investor Relations Contact:
Marek Bakun
Financial director
1-866-417-7132
[email protected]
St. Joe’s Media Relations Contact:
Mike Kerrigan
Director of Corporate Marketing
1-850-231-6426
[email protected]
