Company Press Release
March 21, 2000
WATERCOLOR, FL -- Arvida, the community development arm of The St. Joe Company (NYSE:JOE), has designated a distinctive
team of professionals to coordinate its sales effort to coincide with the initial release of WaterColor properties.
They are Tim Barrett, Marianne Berrigan, Ken Catrino, Hunter Harman, and Karen Wagner.
The newest member of the group, Karen Wagner, is also new to the community. Prior to her recent move to Seagrove
Beach, where she is president of the Grove by the Sea Property Owners' Association, Wagner lived in Atlanta. There
she honed her expertise in property management, managing and opening several new communities for Trammell Crow.
While a resident of Hilton Head Island, S.C., she worked as a sales executive for the Melrose Company, developers
of Melrose on Daufuskie Island. ``Karen's background makes her an excellent addition to our team,'' said Arvida
vice president of sales, Tom Dodson. ``She's familiar with amenity resorts from her experience at Hilton Head,
and she understands the intricacies of new communities, all very essential to the kind of place we're creating
here.''
Ken Catrino is also new to Arvida, but has been in the area for the past twenty years, distinguishing himself as
an award-winning realtor during his seventeen-year career. Most recently, Catrino was the sales manager at Tops'l
Beach and Racquet Resort for Abbott Realty Services. He is a member of the Destin and Walton County Chambers of
Commerce, Emerald Coast Board of Realtors and Habitat for Humanity's Partners Council. ``Ken's commitment to community
is one of his strengths,'' Dodson observed. ``Since we are creating a community, having individuals on our team
who are deeply connected to this area is extremely important. As well, Ken's sales record is impressive, and he
was recently honored by induction into the `Aces Circle of Excellence,' a recognition that was established by the
Master Sales Institute to acknowledge excellence in amenity community real estate sales.''
Hunter Harman's background in marketing gives him a unique perspective on local real estate. Harman obtained his
degree in marketing from Louisiana Tech University and was the broker-sales manager of Adams Real Estate, Inc.,
where he was responsible for all the marketing at Pelican Beach Resort and The Terrace of Pelican Beach in Destin,
Fla. After five years in that position, Harman joined Arvida in June of 1999, as a sales executive for The Retreat,
an Arvida community in Blue Mountain Beach. An eight-year resident of the area, he is a member of the Emerald Coast
Board of Realtors. ``Hunter's education and experience have proved invaluable during the time he has been with
Arvida,'' said Dodson. ``He is a true professional which is demonstrated by his impressive record at The Retreat.''
A past president of the South Walton Board of Realtors and vice-president of the 30-A Business Association, Tim
Barrett joined Arvida in the spring of 1999. ``Since then,'' Dodson explained, ``he has established a fine record
of sales at The Retreat. That's not surprising, as Tim's nine-year career in real estate has been distinguished
by numerous awards for sales achievement. A fifteen-year resident of Seagrove Beach, Tim's involvement in the community
and his willingness to take on leadership roles are certainly among his greatest strengths.''
Actively involved in northwest Florida real estate for the past eighteen years, Marianne Berrigan is a native of
Maine with a master's degree from the University of West Florida. Since becoming a sales executive with Arvida
in April of 1999, Berrigan has continued the impressive record she established when associated with Sandestin Golf
and Beach Resort, where she was the top producer in 1998. ``In the short time Marianne has been selling for The
Retreat, she has excelled,'' said Dodson. ``Not only did she achieve the highest sales volume there, but she also
earned top sales honors among all Arvida sales executives. Her recent induction into the `Aces Circle of Excellence,'
was further distinguished by the industry's recognition of her as the second highest achiever among all of those
so honored.''
Of the team, Dodson said, ``This group is impressive. Between them, the five have a remarkable record of award-winning
sales and service to the community. We're all enthusiastic about the opening of WaterColor and the opportunity
to watch it grow into a true community.''
The group will be located at the WaterColor Welcome Center on Scenic Highway 30-A beginning today. ``There, they'll
be describing the WaterColor concept and explaining the numerous options available to anyone interested in a WaterColor
address, as well as answering questions,'' according to Dodson.
WaterColor is a 499-acre southern coastal resort and residential community in northwest Florida, directly on the
Gulf of Mexico, adjacent to the acclaimed Grayton Beach State Recreation Area along south Walton County's Scenic
Highway 30A. It was master-planned by acclaimed planner-architect, Jaquelin T. Robertson, of Cooper, Robertson
& Partners of New York. At full build-out, the community, which will include 1,140 residences; beach club;
tennis club; boathouse; 60-room inn; 100,000-square-feet of commercial space; dune walkovers and boardwalks and
a lakefront park. Nearly half the site is being devoted to open space and preservation areas.
WaterColor will feature an on-site horticulturist, naturalist and artist. Phase one is currently underway on 102
acres to include 338 residences and 40,000-square-feet of the total retail space, as well as the boathouse, beach
club and tennis club.
Arvida is a primary developer of master-planned residential, resort and business communities nationwide. Since
the company was founded more than 40 years ago by Arthur Vining Davis, it has completed more than 50 planned communities
comprising more than 35,000 new homes and 28 golf courses in Florida, Georgia, Texas, California and North Carolina.
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.
For more information about WaterColor, see the website at www.watercolorflorida.com.
More information about St. Joe can be found at www.joe.com. Additional information about Arvida can be found at
www.arvida.com.
The above discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Such statements are based on current
expectations and are subject to certain risks, uncertainties and assumptions. 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.
``Arvida'' is a registered trademark. ``Arvida, a St. Joe company'' and the ``taking flight'' logo are service
marks of The St. Joe Company.
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Contact:
Arvida, a St. Joe Company, Panama City Beach, Fla.
Karen Terrell or Pam Selton
850/233-3032 o 850/914-6176