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St. Joe Latest RiverCamps Homesite Release Sells Out; 281 Buyers Submit Reservations for 37 Home Sites.

JACKSONVILLE, Fla. -- The St. Joe Company (NYSE:JOE) announced today that 281 qualified prospective buyers from 12 states submitted reservations for a release of 37 home sites at RiverCamps on Crooked Creek.

From these requests, reservations were accepted for all of the home sites with prices ranging from $148,500 to $849,500 and averaging $276,000. Five home sites were priced at more than $500,000. Reservation requests came from Florida, Georgia and Alabama and from as far away as Indiana. Additional home site releases are planned for later in the year.

Permits allowing completion of the entire project have been received, and the pace of infrastructure development is accelerating with 190 home sites currently under construction.

The RiverCamps "entry barn" is scheduled to be completed early in the second quarter of 2005 and additional RiverCamps homes are planned to be completed in late 2005. Construction of the boat basin and storage facility, nature trails and viewing platforms is scheduled to start in the second quarter and construction of the RiverHouse, a compound of several community amenities, is set to start in the third quarter.

RiverCamps on Crooked Creek, located in Western Bay County, is entitled for up to 450 home sites on approximately 1,500 acres of former timberland and features views of West Bay, the Intracoastal Waterway and Crooked Creek.

Additional RiverCamps locations are actively being reviewed in other parts of Northwest Florida. "The RiverCamps concept is designed to respond to the land," said Peter S. Rummell, chairman and CEO of JOE. "As a result, future RiverCamps will each have a distinct personality and appeal to a variety of consumer interests."

The RiverCamps Preview Center, located in Panama City Beach on US Highway 98 directly across from Pier Park, is open from 9:00 am to 5:00 pm, Monday through Saturday and 12:00 noon to 5:00 pm, Sunday. For a personal appointment and tour of RiverCamps on Crooked Creek, call 866.FL.RIVER (357.4837). More information can be found online at http://www.rivercamps.com.

The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. It is engaged in town, 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 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 for the year ended December 31, 2003.

Copyright 2005, The St. Joe Company. "JOE," "RiverCamps," "St. Joe," and the "taking flight" design are service marks of The St. Joe Company.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 14, 2005
Words:536
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