Southern Living Selects St. Joe's Victoria Park in DeLand, Fla., as L

    Business Editors/Real Estate Writers

    JACKSONVILLE, Fla. & BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 31, 2005--The St. Joe Company (NYSE:JOE) announced today that Southern Living magazine has selected the Victoria Park residential community as the location for one of its 2005 Idea Houses. The home will be featured in the August 2005 issue of the magazine.
    One of Southern Living magazine's most popular features, the Idea House is precisely that--a house that serves as a showcase for the latest residential amenities and home design trends. The house also offers new homeowners in the neighborhood, prospective buyers and other fans of home design those "why didn't I think of that" ideas they can apply to their own homes.
    Victoria Park, located off Interstate 4 between Orlando and Daytona Beach, sits on 1,859 acres in the historic college town of DeLand, Fla. The mixed-used community is planned for approximately 4,000 residences and a public golf course built among parks, lakes and conservation areas.
    "Our Idea House program is a great opportunity for both Southern Living magazine and the developments that host the homes," said Bill McDougald, executive director of the Southern Progress Corporation Homes Group, which produces the Southern Living Idea Houses. "Not only do our readers eagerly look forward to reading about these houses, but they have a chance to see them first-hand. They know the care we take in selecting great communities and first-rate architects, builders and designers."
    The 2005 Southern Living Idea House at Victoria Park is expected to attract thousands of visitors, eager to view the latest in home decorating, amenities and design. The program offers the chance to see Southern Living style up close and personal, and brings the magazine's pages to life. The home is designed to be truly livable for today's Southern families.
    "To have Southern Living choose Victoria Park as the site of a 2005 Idea House is a wonderful way for us to share ideas with a group of people who take great interest in their homes, lifestyles and surroundings," said Ed Hill, president of Central Florida residential operations for JOE. "The Southern Living Idea House at Victoria Park will showcase many of the features that make the community appealing to both growing families and active adults."
    The 2005 Southern Living Idea House at Victoria Park has been designed as a Victorian farmhouse with modern practicalities. The home is classically simple and incorporates several ideas to help families solve living challenges in today's culture. Designed by noted Memphis, Tenn., architectural firm Looney Ricks Kiss, the Southern Living Idea House at Victoria Park will showcase solutions to the ever-present reality of multi-generational living under one roof. Surprises are everywhere-from private spaces for each family member to escape; to a multi-functional room that serves as not only a home office, but a craft room, laundry room and pantry; to main living spaces for coming together. With more than 3,640 square feet of air-conditioned space and 1,976 square feet of porches, patios and garage space, the home offers a wide range of built-in convenience and sheer functionality that works hard to make this house uniquely and aesthetically pleasing.
    In addition to innovative design and architectural elements, the Southern Living Idea House at Victoria Park also will showcase the latest in appliances and state-of-the-art building materials offered by its national St. Joe preferred partners: GE Appliances, JELD-WEN, James Hardie, Lennox, MOEN, Boral Bricks, and Square D.
    "The 2005 Southern Living Idea House at Victoria Park will exemplify the latest in home design and decor, yet it will remain true to its surroundings," said Hill. "Victoria Park is a community that represents JOE's efforts to recapture the spirit of life's simple pleasures."
    Tours of the 2005 Southern Living Idea House at Victoria Park will be open to the public from June 11 until October 2. For lovers of home design who won't be able to tour the home in person, the Victoria Park home will be featured in the August 2005 issue of Southern Living magazine and on its Web site at http://www.southernliving.com.

    About Southern Living Magazine

    Southern Living - http://www.southernliving.com -, the premier lifestyle and entertaining magazine of the South and the 10th largest monthly consumer magazine in the U.S., reaches more than 15 million readers each month. Published 13 times a year, Southern Living celebrates the best of life in the South.
    A leader in lifestyle information and products, Southern Progress Corporation publishes Southern Living, Cooking Light, Health, Coastal Living, Southern Accents, Cottage Living, Progressive Farmer, and Sunset magazines, and books through Oxmoor House, Leisure Arts, and Sunset Books. It also operates a direct-selling division, Southern Living At HOME. Southern Progress is a Birmingham-based subsidiary of Time Inc.

    About Victoria Park

    Within the Victoria Park community, there are three distinct neighborhoods, with homes priced from the low $200,000s to over $1 million. Victoria Hills features one of the most beautiful golf courses in Florida, according to Florida Golf News which named Victoria Hills Golf Course the Best New Course in Florida for 2002, and Golf Magazine which listed the course in its "Top Ten You Can Play" in the country, March 2003. Victoria Commons, the social center of Victoria Park, features a 22-acre park surrounding Lake Victoria. At the Lake Victoria Fitness Club residents enjoy the pool's casual atmosphere, an exercise room, gazebo and lighted tennis courts. Victoria Commons also is the site of a proposed Village Center within the community. Victoria Gardens is a gated community for active adults, with a clubhouse at its core. The Club features a cafe, ballroom, billiards room, card room, demonstration kitchen, arts and crafts room, fitness center, business center, computer lab, resort-style pool and spa, as well as tennis courts and community gardens. Close proximity to regional cities like Orlando and Daytona Beach and a number of cultural centers make Victoria Park an attractive option for those who are interested in city life conveniences and the personal familiarity of a smaller community. Several educational opportunities are available to residents including Stetson University, Florida's first private university, and a number of excellent public schools. For more information, visit http://www.victoriaparkflorida.com.

    About St. Joe

    The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. It is engaged in town, resort, commercial and industrial development, land sales and commercial real estate services. JOE also has significant interests in timber.
    More information about JOE can be found at our web site at http://www.joe.com.

    Forward-Looking Statements

    Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made as of the date hereof based upon current expectations, and we undertake no obligation to update the information in this release. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such forward-looking statements will be realized. Risk factors that may cause the actual results to differ materially from that suggested by any forward-looking statement contained in this press release are described in documents filed from time to time with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2003.

    Copyright 2005, The St. Joe Company. "St. Joe," "JOE," "Victoria Commons," "Victoria Gardens," "Victoria Hills," "Victoria Park," and the "taking flight" design are service marks of The St. Joe Company.
    "Southern Living" is a registered trademark of Southern Living, Inc.
    All uses not yet constructed are subject to governmental approval and change in size, use, or location.

--30--JD/mi*

CONTACT: The St. Joe Company, Jacksonville Media Contact: Jerry M. Ray, 904-301-4430 jray@joe.com or Investor Contact: Steve Swartz, 904-301-4347 swartz@joe.com or Victoria Park Contact: St. Joe Jennifer Higgs, 321-939-1925 jenn.higgs@joe.com or MPB Communications Christine Martinez, 407-581-4222 cmartinez@mpbc.cc or Southern Living Contact: Holly Goff, 205-445-6442 holly_goff@timeinc.com

KEYWORD: ALABAMA FLORIDA INDUSTRY KEYWORD: PUBLISHING REAL ESTATE BUILDING/CONSTRUCTION SOURCE: The St. Joe Company

Copyright Business Wire 2005