Chris Corr Named Vice President - Strategy and New Ventures At St. Joe's -- NYSE:JOE -- Arvida; Corr's Priorities Will Include Transportation, Health and Education Issues.

PANAMA CITY, Fla.--(BUSINESS WIRE)--Aug. 11, 1998--Jim Motta, president and CEO of Arvida, the community development arm of The St. Joe Company (NYSE: JOE), today announced the appointment of Chris Corr as vice president of strategy and new ventures. In his new position, Corr's top priorities will include the design and development of community services and infrastructure across all Arvida developments. Corr will be based in the Panama City area.

Corr, a leading developer for the world-renowned 5,000-acre town of Celebration, Fla., joins Arvida after six years as a senior manager for Walt Disney Imagineering in Orlando. Corr's role at Celebration included planning and development of the community's health, education, technology and community development efforts.

His interest in community development also was emphasized during his years in the Florida House of Representatives. Corr was elected in 1990 and represented South Hillsborough County including the towns of Brandon, Sun City Center and Apollo Beach. In the legislature, he served on the committees on agriculture, employee relations, community affairs and public schools. More recently, he served on Florida's Constitution Revision Commission (1997-98).

"Chris Corr knows how to develop those key components of a community that contribute so much to the quality of daily life," Motta said. "His broad experience at Disney, as a developer, and as a legislator, will be put to work building communities that meet high expectations for education, recreation, health and work. Corr has spent the majority of his professional life dealing with these challenges which directly affect all our lives. He will continue these efforts at Arvida, and we are delighted to have him on the team."

"Chris's top priority will be the design and development of community infrastructure from the neighborhood to the regional level," said Jim Rester, Arvida's president - west Florida. "Chris will initially concentrate his efforts on northwest Florida's health, transportation, education, technology and community development issues. Improving air transportation in northwest Florida will be high on his agenda."

"We have an opportunity to positively influence the entire real estate development industry. It is a great vision and it all begins here in Northwest Florida," said Corr. "As a lifelong Floridian who is now raising a family here, I am encouraged by St. Joe's and Arvida's commitment to improving upon Northwest Florida's already superior quality-of-life. I am looking forward to being an active partner with community and business leaders in developing the transportation, education, health care and cultural networks necessary to support our region's future."

A native of Apollo Beach, Fla., Corr is a graduate of the University of Florida. He also attended the Real Estate Institute at Harvard University and the Wharton School of Business. He and his wife Candy will live in Panama City with their nine-year-old daughter and their six-year-old son.

Arvida is one of the nation's most respected developers of large-scale master-planned communities. Founded in 1958, Arvida and its predecessors have completed more than 50 master-planned communities containing 35,000 new homes. In November 1997, St. Joe purchased a controlling interest in St. Joe/Arvida Company, L.P., which owns the major assets of Arvida Company. St. Joe will conduct the majority of its residential development activity under the Arvida trademark.

St. Joe, a publicly held company based in Jacksonville, is Florida's largest private landowner. It is engaged in community, commercial, industrial, leisure and resort development, along with residential realty services. The company also has significant interests in timber, sugar and transportation.

"Arvida" is a registered trademark. "Arvida, a St. Joe company and the stylized bird logo" is a service mark of The St. Joe Company.

    CONTACT:  Arvida, Panama City Beach
               Jim Rester
               850-233-3032
               or
               The St. Joe Company
               Jerry M. Ray
               904-858-2707