Firm begins marketing of St. Joe land adjacent to new airport

WEST BAY — The St. Joe Company (NYSE:JOE) today announced that it has entered into an agreement with CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm, to market for sale or lease more than 1,000 acres of St. Joe’s land adjacent to the new Northwest Florida Beaches International Airport for commercial development. The airport is scheduled to open May 23.

"As we anticipate the opening of the airport, we are pleased to announce this relationship with CB Richard Ellis,” said St. Joe's President and CEO, Britt Greene. “This key agreement will help further establish Northwest Florida as a major business hub and facilitate the expansion of business and commerce in the West Bay Sector Plan."

CB Richard Ellis will be undertaking a major effort to solicit global office, retail and industrial users for this prime development location. The site is part of approximately 71,000 acres (28,700 hectares) that St. Joe owns within the West Bay Sector Plan, a large mixed-use master-planned project located in Bay County.

"The Northwest Florida region offers tremendous opportunities and potential to the global marketplace and we are very excited to participate in the development of this region,” said Robert McFarlane, Senior Vice President, CB Richard Ellis Global Corporate Services. “St. Joe’s greenfield land in the West Bay Sector is strategically located to provide growth oriented companies with ample capacity and vast expansion opportunities for the future, as well as easy access to the new airport, a deepwater port and rail connections.”

The West Bay Sector Plan is anchored by the new 4,000-acre Northwest Florida Beaches International Airport.

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