382 Potential Buyers Vie for St. Joe's First Release of 69 Units at SummerCamp; SummerCamp Represents a New Market for St. Joe.Business Editors ST. JAMES ISLAND James Island: see Charleston, S.C. , Fla.--(BUSINESS WIRE)--April 19, 2004 The St. Joe Company The St. Joe Company (NYSE: JOE)is a land development company and Florida's largest private landowner, owning about 805,000 acres (0 km) in the state [1]. (NYSE NYSE See: New York Stock Exchange :JOE) announced that reservations were accepted this weekend for all 69 units in SummerCamp's first sales release. The final 69 buyers were chosen based on a predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: selection process from a pool of 382 registered potential buyers, each of whom had previously submitted a $5,000 deposit. SummerCamp is located on St. James Island in southern Franklin County, Florida Franklin County is a coastal county located in the panhandle of the U.S. state of Florida. As of 2000, the population is 11,057. The U.S. Census Bureau 2005 estimate for the county is 10,177 [1]. Its county seat is Apalachicola, Florida6. on the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . It is the first JOE development in this part of Florida. This first SummerCamp release consisted of 40 home sites and 29 homes. Prices for the home sites ranged from $150,000 to over $800,000, while home prices in this release ranged from the high $400,000s to over $1 million. A variety of SummerCamp floor plans, typically from 1,500 to 2,800 square feet, were available. Pending the receipt of regulatory and environmental permits, infrastructure construction is expected to begin in the third quarter of 2004 with closings of transactions for this first release to begin in the fourth quarter of 2004. Additional releases of homes and home sites are expected later this year. "SummerCamp is the first development of its kind in this part of Northwest Florida," said Peter S. Rummell, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of JOE. "Our team has developed a SummerCamp architectural style based on historic and well recognized communities like St. Teresa and Apalachicola, evoking the traditions of Old Florida. This community is about families and friends, making and renewing connections." "The success of this first release at SummerCamp is evidence of the premium being created by JOE's place-making expertise," said Kevin M. Twomey, president, COO and CFO See Chief Financial Officer. of JOE. "Buyers are demonstrating a willingness to pay Willingness to pay (WTP) generally refers to the value of a good to a person as what they are willing to pay, sacrifice or exchange for it. See also
"We are very pleased with the market's response to this first SummerCamp release," said Britt Greene, president of JOE's community development division. "We believe SummerCamp will be a community that builds on the traditions and values of Franklin County Franklin County is the name of 24 counties in the United States. All except Franklin County, Idaho are likely named for Benjamin Franklin, a Founding Father of the United States. and the Forgotten Coast with almost two-thirds of this coastal setting maintained as open space and conservation land." Planned for 499 home sites on approximately 782 acres of former JOE timberland, SummerCamp features views of the Gulf of Mexico. A sales preview center located in Tallahassee, an important market for SummerCamp, opened early this year and an onsite sales center, general store and outfitter are scheduled to open in early 2005. SummerCamp's current plans call for a community beach club with cabanas, two smaller beach clubs, several observation piers, gathering pavilions, a canoe and kayak boathouse, one small community dock and miles of interconnected nature trails. SummerCamp is being developed on St. James Island, located at the eastern end of Franklin County. St. James Island has an area of approximately 49,000 acres, 24,000 of which are owned by JOE. The St. Joe Company The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. JOE is engaged in community, 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2003. Copyright 2004, The St. Joe Company. "St. Joe," "JOE," "SummerCamp" and the "taking flight" design are service marks of The St. Joe Company. |
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