The St. Joe Company Announces the Commencement of Development of a New Master Planned Community in Mexico Beach, Florida

The St. Joe Company (NYSE: JOE) (“St. Joe”) announces the commencement of development of a new 554-acre master planned community in Mexico Beach, Florida. Site work has started on the first phase of the community which is planned for 42 townhomes. Future phases of the community are being planned to include additional townhomes, single-family homes, rental apartments and a walkable commercial village. The planned community is under development on the west end of Mexico Beach near U.S. Highway 98 and the town’s public boat ramp.

The planned community is located approximately 12 miles from the main gate of Tyndall Air Force Base. Following Hurricane Michael in 2018, Congress appropriated an initial $4.3 billion to start the redevelopment of what the United States Air Force is calling “the base of the future.” The redevelopment is expected to generate significant housing demand in the immediate area and this community is being planned to provide a wide range of housing options to meet that demand.

“The redevelopment of Tyndall Air Force Base is critical to our national security and will be the lynchpin to the long-term success of Florida’s Second Congressional District. It is exciting to see the progress that is being made on and around the base,” said Congressman Neal Dunn, whose district includes Mexico Beach and Tyndall Air Force Base. “This new community will provide a much-needed housing option for military families and civilians working on base. As the redevelopment of the base continues, this community will be able to grow and evolve along with it for many years to come.”

The start of this project comes at a time at which demand for housing in Mexico Beach and the surrounding area is very high. “Mexico Beach is a beautiful community with its own unique charm along the white sand beaches of the Gulf of Mexico,” said Jorge Gonzalez, President and CEO of St. Joe. “The area is still seeing a housing shortage as a result of the damage caused by Hurricane Michael. That, combined with the future demand for housing that we anticipate as a result of the ongoing redevelopment of Tyndall Air Force Base, makes this the right time to initiate this project and fill a need in the area in a manner that will respect the unique charm of Mexico Beach.”