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The St. Joe Company Announces Masterplanning Agreements with Haskell and TranSystems

Dépèche transmise le 12 juin 2009 par Business Wire

WEST BAY, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE:JOE) today announced that it has entered into agreements with The Haskell Company, America’s Green Design-Build Leader, and TranSystems Corporation, one of the world’s leading transportation planning and engineering firms, to masterplan JOE land adjacent to the new Panama City - Bay County International Airport which is scheduled to open in May 2010.

The initial parcels are being planned and positioned for office, retail and industrial users, totaling approximately 1,000 acres (400 hectares). This land is a portion of approximately 71,000 acres (28,400 hectares) that St. Joe owns within the West Bay Sector, a large mixed-use master-planned project located in Bay County in Northwest Florida. The sector is anchored by the new 4,000-acre (1,600-hectare) international airport now under construction.

“With the scheduled opening of the airport now less than one year away, we are accelerating our preconstruction activity and stepping up marketing outreach to global users who need ready access to the new airport,” said St. Joe’s president and CEO Britt Greene. “Our land at West Bay is a world-class asset, and our marketing outreach is to global users. Our initial marketing focus will be aerospace, logistics and defense-oriented technology companies.”

“Our land at West Bay also has easy access to a nearby deepwater port in Panama City and very good road and rail connections,” said Greene. “It's truly a unique opportunity to be part of one of Florida's largest mixed-use planned developments.”

“We are very pleased to have The Haskell Company and TranSystems working with us on our project at West Bay,” said Greene. “Haskell has earned its reputation as one of the best design-build firms in the nation. TranSystems is an acknowledged leader in engineering and planning and supply-chain management consulting. Together, we can provide a complete solution for a broad range of commercial, industrial, office and retail users.”

“JOE's project at West Bay is one of the most exciting we've seen in a long time,” said Steve Halverson, President and CEO of The Haskell Company. “There are very few greenfield opportunities with a strategic location and high-quality access to an airport, a deepwater port, road and rail connections. We are proud to be part of a team that can deliver a valuable product to a wide range of users.”

“The site at West Bay brings tremendous resources to service the campus cluster style that leading edge technology users demand in a Green environment. With the new Airport added to the transportation infrastructure mix, this development provides for the realization of what it means to be a world leading LEAN site that wrings out inefficiencies in the supply chain,” said Brian Larson, President, CEO and Chairman of the Board of TranSystems.

As part of the master-planning process, the team is creating a development node capable of joining the Gulf Coast's aerospace corridor. A concentration of U.S. Air Force, Navy and Army aerospace and aviation facilities along the Florida, Alabama and Mississippi Gulf Coast have created a cluster of aerospace and aviation businesses and workforce talent in the region.

This Gulf Coast corridor also includes the site selected by Northrop Grumman and EADS for the final assembly of a new aerial tanker, the KC-45, for the U.S. Air Force, should they win the contract. The U.S. Air Force is expected to issue the new bid package for the $35 billion (25 billion euro) aerial tanker project later this summer. Northrop Grumman and EADS have teamed to compete for the contract.

St. Joe’s project at West Bay is part of the larger West Bay Sector Plan, a product of Florida's unique sector planning process. A planning framework is in place for approximately 75,000 acres (30,000 hectares), which includes the airport, to ensure long-term land-use compatibility. Approximately 41,000 acres (16,500 hectares) in the West Bay Sector have been preserved forever through the establishment of the West Bay Preservation Area.

About JOE

The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. We are primarily engaged in real estate development and sales, with significant interests in timber. More information about St. Joe can be found at our web site at www.joe.com.

About Haskell

Haskell is one of America’s leading integrated, single-source, design, build firms practicing in the general building and civil infrastructure markets. The company has annual revenues of more than $700 million with offices in the United States and Mexico. More information can be found at www.haskell.com.

About TranSystems

TranSystems’ approximately 1,100 professionals in 47 offices throughout the U.S. provide architecture, engineering and planning; management and supply chain consulting; real estate consulting; and security to all sectors of the transportation industry. To access current and historical information, visit TranSystems’ web site at www.transystems.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, including statements about our beliefs, plans, goals, expectations and intentions. 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 our 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 this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008, and our Quarterly Reports on Form 10-Q.

© 2009, The St. Joe Company. “St. Joe,” “JOE” and the “Taking Flight” design are service marks of The St. Joe Company.

Business Wire

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