Northwest Florida Beaches International Airport Opens

JACKSONVILLE, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE) today announced that the Northwest Florida Beaches International Airport opened on Sunday, May 23rd with service from Southwest Airlines and Delta Air Lines. The new airport is the first international commercial service airport built in the United States in the last 15 years. St. Joe donated 4,000 acres within its 75,000-acre West Bay Sector Plan for the airport’s construction.

.Southwest commenced service at the new airport with two daily non-stop flights to Houston, Nashville, Orlando and Baltimore-Washington DC. In addition to the eight daily non-stop flights, Southwest Airlines offers direct or connecting service to more than 60 other destinations in the U.S. Delta Air Lines, which has served the existing airport for many years, expanded its service to the region with larger aircraft.

“The opening of the new airport is the culmination of over a decade of efforts by St. Joe and numerous regional organizations to transform Northwest Florida by greatly improving domestic and international access,” said St. Joe’s President and CEO Britt Greene. “It will serve as a significant economic catalyst for Northwest Florida and enhance the value of our 300,000 acres within 40 miles of the airport.”

Located adjacent to the new airport, St. Joe’s VentureCrossings Enterprise Centre is one of the nation's most unique office, retail, hotel and industrial developments. VentureCrossings includes approximately 100 acres designated for retail, office and hotel uses, approximately 300 acres for light industrial uses, and approximately 600 acres for manufacturing, distribution and logistics companies seeking through the fence access to the new airport's 10,000 foot runway.

The West Bay Sector, now with a new international airport, is an unparalleled greenfield site and a unique multi-modal opportunity for expanding businesses interested in air, land and sea access, said Kevin Johnson, St. Joe's Vice President of Economic Development. VentureCrossings is an ideal mixed-use commercial center that will include aerospace, defense, renewable energy and logistics services.

Within VentureCrossings, St. Joe is developing an approximately 60,000 square foot Class A multi-tenant office building with construction beginning later this summer. The company will relocate its corporate headquarters, currently in Jacksonville, Florida, to this multi-tenant building by the summer of 2011. Also within VentureCrossings, St. Joe is developing an approximately 30,000 square foot light industrial building with construction also beginning later this year.

For more information on VentureCrossings Enterprise Centre at West Bay, visit www.venturecrossings.com or call 1 877 JOE VCFL (877 563 8235).

About St. Joe

The St. Joe Company, a publicly held company currently based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. St. Joe is primarily engaged in real estate development and sales, with significant interests in timber. More information about the Company can be found on its website at www.joe.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, 2009, and our Quarterly Reports on Form 10-Q.