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The St. Joe Company Announces Opening of RiverCamps Preview Center; Sales Scheduled to Begin by Fourth Quarter.

Business Editors/Real Estate Writers

PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--Sept. 9, 2003

The St. Joe Company (NYSE:JOE) ("St. Joe") announced today the opening of the preview center for RiverCamps on Crooked Creek in Panama City Beach.

RiverCamps are planned settlements in a rustic setting offering personal retreats in a private woodland preserve with a unique list of owner services and recreational amenities. The preview center is located on U.S. 98 across from Pier Park in Panama City Beach. The RiverCamps on Crooked Creek site is located near West Bay on County Road 388.

"RiverCamps is a real estate offering unlike any other," said Peter S. Rummell, chairman and CEO of St. Joe. "With more than two-thirds of the site dedicated to conservation, RiverCamps on Crooked Creek are being designed to sit lightly on the land and protect the beautiful woodland preserve of West Bay for generations to come. We are working to demonstrate that a real estate developer can be one of Northwest Florida's most important conservationists."

RiverCamps on Crooked Creek is located in western Bay County on approximately 1,500 acres of former St. Joe timberland. Many RiverCamp home sites will be up to one acre with some even larger. Current plans call for up to 450 single-family home sites starting at $75,000 and ranging upward to over $400,000. Property sales are scheduled to begin by fourth quarter 2003.

"From the response we have received since introducing this concept, it's clear that many people have been waiting for just such a unique real estate offering," said Kevin Fox, St. Joe Land Company's vice president for RiverCamps. "RiverCamps homes are designed to work with the land's unique character and provide a private place to connect with family and nature."

"The opening of the preview center is an exciting milestone because it provides a more complete way to experience what RiverCamps has to offer," said Fox. "With views of West Bay, the Intracoastal Waterway and Crooked Creek, the site itself is breathtaking, and now our visitors and future residents will be able to witness this first-hand."

The RiverCamps concept has attracted much attention and interest within Bay County and nationwide due to the uniqueness of the RiverCamps concept. A RiverCamps concept home, located near Mexico Beach in Bay County, was featured as HGTV's 2003 Dream Home in a promotion on Home & Garden Television (HGTV). The 2,800 square-foot Dream Home was featured in a one-hour HGTV television program, online in a web-based virtual tour at HGTV.com, and in a special section of January-February 2003 issue of Coastal Living magazine.

"The future of Bay County and St. Joe are linked together in so many ways," said Ted Clem, executive director for the Bay County Economic Development Alliance. "We will experience long-term successful economic development only if we keep high standards for sustainable development. RiverCamps on Crooked Creek is a great example of responsible, environmentally friendly development that will make Bay County a better place to live, work, and play. That makes our task of attracting high quality jobs to Bay County that much easier."

The RiverCamps Preview Center will be open from 9:00 am to 6:00 pm, Monday through Saturday and 12:00 noon to 5:00 pm, Sunday. For a personal appointment, call 866.FL.RIVER (357.4837).

About RiverCamps

RiverCamps is a new real estate product offered by the St. Joe Land Company, a unit of The St. Joe Company. RiverCamps on Crooked Creek is a community of personal woodland retreats, tucked away amongst the beautiful rivers and bays of Northwest Florida. Fewer than 450 single-family homes and nearly 1,000 acres of pristine, conservation land are planned for the approximately 1,500-acre site on Crooked Creek. Sales are expected to begin by the fourth quarter of 2003. Other potential RiverCamps sites in Northwest Florida, ranging in size from 1,500 to 6,500 acres, are in the early stages of planning and evaluation. All have water access to rivers and bays of the region. More information can be found online at http://www.rivercamps.com.

About St. Joe

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 community, commercial, industrial, leisure and resort development, along with commercial real estate services. The company also has significant interests in timber. More information about St. Joe can be found online at http://www.joe.com.

(C) Copyright 2003, The St. Joe Company. "RiverCamps" is a service mark of The St. Joe Company. The "taking flight" logo is a registered service mark of The St. Joe Company.

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. Such matters involve risk and uncertainty, and there can be no assurance that the results described in such forward-looking statements will be realized. 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 results may differ materially from that indicated or suggested by any forward-looking statement contained in this press release. Additional risk factors that may cause the actual results to differ materially from that indicated or suggested by any forward-looking statement contained in this press release 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, 2002.
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Publication:Business Wire
Date:Sep 9, 2003
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