The St. Joe Company Announces Builder's Program at Bay County's Hawk

The St. Joe Company Announces Builder's Program at Bay County's Hawks Landing

    Business Editors/Real Estate Writers/Building/Construction Writers

    JACKSONVILLE, Fla.--(BUSINESS WIRE)--March 1, 2005--

Eighty-Four Home Sites Reserved for Local Northwest Florida Homebuilders; D.R. Horton, America's Builder, Comes to Northwest Florida
    The St. Joe Company (NYSE:JOE) announced today that it will develop and sell 167 home sites at Hawks Landing in Bay County, Florida to local and national homebuilders. Eighty-four of the home sites are reserved for homebuilders based in Northwest Florida. JOE has agreed to sell to D.R. Horton, Inc. (NYSE:DHI) the remaining 83 home sites in the community.
    "Demand for primary housing in Bay County has been strong," said Peter S. Rummell, chairman and CEO of JOE. "There is a growing need for a wide variety of home choices. We think it is critically important to provide quality homes for Bay County families."
    "Bay County and Northwest Florida homebuilders have a deep understanding of the local market," said Rod Wilson, president of the Northwest Florida region of St. Joe Towns & Resorts. "We believe reserving half of Hawks Landing home sites for local builders and half for D.R. Horton will provide outstanding alternatives for local home buyers."
    Hawks Landing is an 88-acre primary home community in the city of Lynn Haven, a rapidly growing part of the region. Prices for home sites in Hawks Landing are initially expected to range from $50,000 to more than $65,000. Development is expected to start in the second quarter of 2005.
    "Bay County's quality of life is second to none," said Donald R. Horton, chairman of D.R. Horton. "We see this as a tremendous opportunity to bring our product to a vibrant, growing community. We hope to work in Northwest Florida for many years to come and look forward to establishing strong relationships with local suppliers, subcontractors and vendors. As new members of the Northwest Florida community, we intend to actively participate in community life and infrastructure development."
    D. R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, delivering more than 43,000 homes in its fiscal year ended September 30, 2004.
    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. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2003.

    Copyright 2005, The St. Joe Company. "St. Joe," "JOE," and the "taking flight" design are service marks of The St. Joe Company.

--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 sswartz@joe.com

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

Copyright Business Wire 2005