Press Release: The St. Joe Company
September 13, 2002
CELEBRATION, FL -- Arvida, the community development arm of The St. Joe Company (NYSE:JOE), announced yesterday
that it has signed an agreement with The Celebration Company to purchase 160 acres in Celebration near Orlando,
Florida for the development of a new village. The neighborhood, located in the southernmost portion of Celebration
Avenue, will be geared toward the growing 50-plus Baby Boomer market.
Plans for this next phase of Celebration include approximately 300 single-family homes, including approximately
50 town homes, and approximately 300 condominium homes as well as parks, trails, outdoor performance area and a
community clubhouse with a fitness center, pool and educational and recreational programming.
This new neighborhood is expected to accommodate the rising demand for housing among a rapidly growing segment
of homebuyer - Baby Boomers aged 50 and over. While oriented towards adults it will not have any age restrictions
for purchasing or living in the community.
Celebration's next village is being designed with convenient amenities for family, leisure, health and business
activities oriented toward those over 50. "We have an opportunity to develop a neighborhood with a unique
character that will blend with the tapestry of villages in Celebration and broaden the options for today's discerning
homebuyer," said Ed Hill, president of Arvida's Central Florida operations.
"This project plays directly to Arvida's strengths," said Hill. "This is entitled land, and we have
a very experienced development and home building team in place in central Florida. We expect to be in production
without delay."
"Seven years ago early planners envisioned a hometown that would appeal to people of all ages," said
Perry J. Reader, president of The Celebration Company. "Since then, multi-generational families have surged
in Celebration where grandparents, parents and children all embrace their roles in community-building."
The neighborhood will follow Celebration's architectural guidelines and blend with the existing community by incorporating
similar design concepts, including parks, sidewalks, architecture and streetscapes that have led to Celebration's
success. Home sales are expected to begin as early as 2003, and may range from the high $100,000s to over $500,000.
New residents will share the same responsibilities and guidelines as the rest of Celebration's homeowners, and
will be members of the Celebration Residential Owners' Association and the Celebration Community Development District.
Celebration is an innovative, real town that successfully combines architecture, education, health and technology
in ways that promote a strong sense of community. The community is currently home to more than 6,000 residents,
commercial offices, Florida Hospital-Celebration Health, and a thriving town center consisting of four major restaurants
and nearly two dozen retailers and service providers. Since the first residents moved in, Celebration has become
a community in the true sense of the word. Celebration will continue to evolve and mature to reflect the character
and needs of its residents and businesses. The town will develop as contiguous, integrated neighborhoods, with
a unique mix of residential, Class A office space and retail. When complete, Celebration is anticipated to have
approximately 12,000 residents.
Arvida is the community development arm of The St. Joe Company. Based in Boca Raton, Florida, Arvida is a primary
developer of master-planned, residential communities nationwide, including Victoria Park in DeLand, and SouthWood
in Tallahassee. 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 and 28 golf courses in Florida, Georgia, North Carolina, Texas
and California.
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, hospitality, 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
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Some 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 the size and number of commercial buildings and residential units, expected development timetables
and 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 development, the number and price of anticipated land sales,
estimated land holdings for particular use within a specific timeframe, the absorption rate and expected gain on
land sales, statements concerning future operating performance, cash flows and short- and long-term revenue and
earnings growth rates and comparisons to historical projects, and statements about the number of shares of the
company's stock which may be purchased under the terms of its existing or future share repurchase programs 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 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, 2001 and a Prospectus dated June 17, 2002.
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Contact:
The St. Joe Company, Jacksonville
Media Contact:
Jerry M. Ray, 904/858-2707
or
Investor Contact:
Steve Swartz, 904/858-5295
Source: The St. Joe Company