Design Progresses On Coastal Living Idea Houses At WaterColor.

Business Editors/Real Estate Writers

BIRMINGHAM, Ala. & SEAGROVE BEACH, Fla.--(BUSINESS WIRE)--May 24, 2001

Two Coastal Living Homes Are Examples of Fine Craftsmanship Making

WaterColor a True, Authentic and Organic Place

Thanks to a talented group of building and design professionals, the fourth annual Coastal Living Idea Houses in WaterColor, Arvida's new Southern coastal community in Florida's Great Northwest, are well underway. The two houses are a collaboration between Coastal Living magazine and Arvida, the community development arm of The St. Joe Company (NYSE:JOE). The exteriors of the two homes are identical right down to the paint colors and architectural features. However, the interiors contrast the realm of possibilities for design using the same plan. The homes will be featured in the November/December 2001 issue of Coastal Living.

Opening for tours on September 1, 2001, the houses will remain open through January 6, 2002. A portion of the proceeds from tours of the home will benefit United Way of Okaloosa/Walton Counties.

"We couldn't be happier with the progress on the Idea Houses," said Burton Craige, Publisher of Coastal Living. "Visitors to the houses will leave with a better understanding of coastal construction and will take home some helpful tips for home interiors."

The two houses were designed by Historical Concepts, Inc. of Peachtree City, Ga., an architecture firm headed by Jim Strickland. A native of Atlanta, Strickland established Historical Concepts in 1982 after receiving a master's degree in architecture from Yale. The firm has since designed over 400 houses throughout the Southeast that have played a key role in the traditional neighborhood revival. The design team also includes Marty Mullin, Ben Showalter, and Jeremy Sommer. Historical Concepts has been recognized with numerous awards, including a 2001 Southern Home Award from Southern Living. The firm's work has also been featured in publications such as Southern Accents, Southern Living, Town and Country, and Atlanta Homes and Lifestyles Magazine.

"These two homes are examples of the fine craftsmanship that is making WaterColor a true, authentic and organic place," said Chick Grant, vice-president of Northwest Florida development for Arvida. "The design and construction team is exceptional. These Coastal Living homes at WaterColor are studies in consistency and contrast, and for many years to come, we expect these homes to be emulated as two of the finest examples of Southern coastal architecture."

Arvida's design team members include Grant, staff architect Bill Sabella, and Arvida Homes' construction manager, David Thomas. A member of the American Institute of Architects, the Urban Land Institute, and The American Resort Development Association, Grant is responsible for the coordination of all aspects of development in Northwest Florida. A graduate of Clemson, Grant has over thirty years experience in the profession and currently sits on the board of The Seaside Institute.

Sabella, who earned his master of architecture from Florida A & M University, Tallahassee, has national, state and local design and preservation awards to his credit. He currently oversees work at WaterColor and WaterSound, Arvida's newest beachfront community in Florida's Great Northwest. Thomas, a licensed general contractor, has his degree in building construction from the University of Florida and was a custom homebuilder in Walton County for twenty years, prior to joining Arvida. He is currently on the board of the Walton County Habitat for Humanity and is a past president of the Walton County Chamber of Commerce.

Coastal Living interior design consultant Linda Woodrum is coordinating the interiors for the Idea Houses. Woodrum brings more than 20 years of design experience to the project. Her work has included residences and commercial projects in New York, Boston, Los Angeles, Washington, D.C., Virginia, and South Carolina. Publication credits include Southern Accents, Coastal Living, and Southern Living. Ms. Woodrum has also worked on three HGTV Dream Homes.

After completion and opening of the 2001 Idea Houses, the plans for the homes will be available from the Coastal Living House Plans Service at 1-800-755-1122.

Arvida is a primary developer of master-planned residential, resort and business communities nationwide. Since Arthur Vining Davis founded the company more than 40 years ago, Arvida has completed more than 60 planned communities comprising more than 40,000 new homes and 28 golf courses in Florida, Georgia, Texas, California, and North Carolina. Two of its newest communities, WaterColor and WaterSound, as well as Camp Creek Golf Club, are currently in development in Walton County, Florida.

St. Joe, a publicly held company based in Jacksonville, is Florida'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 interests in timber.

More information about St. Joe can be found at www.joe.com. Additional information about Arvida, WaterColor and WaterSound can be found at www.arvida.com.

Southern Progress Corporation publishes Coastal Living (coastalliving.com). Covering the shorelines and bay areas of the Gulf, East, and West Coasts, the magazine taps into the uniqueness of the coastal lifestyles and the common threads that connect people who love being by the shore.

Besides Coastal Living, Southern Progress also publishes Southern Living, Cooking Light, Progressive Farmer, Southern Accents, and health magazines, as well as OXMOOR HOUSE books. The Birmingham-based subsidiary of Time Inc. is a leading source of lifestyle information.

Rendering available upon request.

All uses not yet constructed are subject to change in size, use or location.

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, and there can be no assurance that the results described in such forward-looking statements will be realized. In particular, discussions regarding present and future development projects, development timetables, development approvals and the ability to obtain approvals, anticipated price ranges of developments, the number of units that can be supported upon full build-out of developments, the number and price of anticipated land sales, and the absorption rate and expected gain on land sales and statements concerning future operating performance and short and long term revenue and earnings growth rates and comparisons to historical projects are forward-looking statements. Such statements are based on current expectations and are subject to certain risks. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance may differ materially from that indicated or suggested by any forward-looking statement contained herein. Additional risk factors that may cause actual results to differ materially from those expressed in forward-looking statements contained in the presentation 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, 2000.

"St. Joe" and the "taking flight" logo are registered service marks of The St. Joe Company. "WaterColor" and "WaterSound" are service marks of The St. Joe Company. "Arvida" is a registered service mark of St. Joe/Arvida Company, L.P.