Arvida, a St. Joe Company Breaks Ground at Victoria Park in Deland Near Orlando.

Business Editors

DELAND, Fla.--(BUSINESS WIRE)--Oct. 24, 2000

A ceremonial groundbreaking was held today at Arvida's Victoria Park, the largest and most comprehensively planned community in West Volusia County. Located in the historic college town of DeLand on 1,859 acres of natural beauty, just west of Interstate 4, Arvida's Victoria Park will be an easy drive from Orlando and Daytona Beach. Arvida is the community development arm of The St. Joe Company (NYSE:JOE).

The mixed-used community is planned for approximately 4,000 residences built among parks, lakes and conservation areas, as well as an 18-hole golf course and a variety of walking and bike paths. Nearly forty percent of the land will be retained for open-space, recreation and conservation, allowing residents to enjoy vistas of natural wildlife and habitat areas. Infrastructure construction is already underway, and sales are expected to begin in late November.

"Our tradition and continual commitment to quality is truly evident in Arvida's Victoria Park master plan and its attention to detail. The land's natural beauty preserved within the neighborhoods creates a peaceful space for residents to live, work and play. We feel honored to be able to create a place that will enhance the land and the lives of the people that call it home," said Arvida central Florida operations president Ed Hill.

An escape from the hustle and bustle, Arvida's Victoria Park will offer families, active adults and singles the graciousness and style of Florida living combined with easy proximity to business, shopping and recreation in the Central Florida market.

"A blend of more than forty-two years of tradition, integrity, and good stewardship are the seeds for Arvida's Victoria Park," said Jim Motta, president and CEO of Arvida. "Our goal is to build a community that respects the rich history of this region and the natural beauty of the land that is being developed."

"This land is a hidden jewel of the West Volusia area. Rolling landscapes and lush, forested areas create breathtaking vistas. With this natural beauty as a backdrop, we will strive at Arvida's Victoria Park to create a wonderful community that adds value to people's lives. Arvida and St. Joe look forward to promoting the area, and being a part of the broader community for a long time to come."

Close proximity to regional cities like Orlando and Daytona Beach, a number of cultural centers, as well as educational excellence, make Arvida's Victoria Park an attractive option for those who are interested in city life conveniences and the personal familiarity of a smaller community.

Several lifelong learning opportunities through Stetson University, Florida's first private university, a prestigious community college, and a number of excellent public schools will be available to residents.

Within Arvida's Victoria Park, there will be many neighborhoods from which to choose. Victoria Gardens, a gated, private-club active-adult neighborhood, offers single-family homes and a club amenity that features a 300+ seat ballroom, a health and fitness facility, card rooms, billiard room, cafe, a business resource center, computer lab, a pool, and arts and crafts rooms. Victoria Hills is a golf-course neighborhood, with single-family homes. An 18-hole, par 72 Ron Garl designed golf course lies in harmony with existing elevation and vegetation. Victoria Commons features a village center with neighborhood retail and professional office space. Single-family homes and multi-family residences provide residents many lifestyle choices. Victoria Farms, planned for a later phase of construction, will offer residents a wide variety of home options. Pocket parks and open green space span the Victoria Farms area.

All of Arvida's Victoria Park neighborhoods blend seamlessly with the native Florida landscape to create a community that embraces the gifts of nature.

Arvida is the community development arm of St. Joe. Based in Boca Raton, Florida, Arvida is a primary developer of master-planned residential and resort communities nationwide. Since Arthur Vining Davis founded the company 42 years ago, it has developed more than 60 planned communities comprising more than 40,000 new homes in Florida, George, North Carolina, Texas and California. For more information on Arvida, visit www.arvida.com.

St. Joe (NYSE:JOE), a publicly held company based in Jacksonville, Florida, is the state's largest real estate operating company. It is engaged in community, commercial, industrial, leisure hospitality and resort development, along with residential and commercial real estate services. The company also has significant interest in timber. For more information on St. Joe, visit www.joe.com.

Photos are available, please contact Massey, Persons, Brinati Communications at 407/622-4700, or e-mail [e-mail].

Certain matters discussed in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risk and uncertainty, including market risks, development risks, competition and other risks detailed in the Company's public filings with the Securities Exchange Commission including the Company's Report on Form 10-K for the year ended December 31, 1999.

(c) 2000 The St. Joe Company. Arvida Community Sales, Inc., Licensed

Real Estate Broker. "Arvida," "St. Joe," and "Arvida, a St. Joe

company" and the "Taking Flight" stylized logo are registered

service marks of The St. Joe Company. Arvida is a registered

trademark.