Subject: [NEXTEL-1] St. Joe Breaks Ground On Second Office Building in Panama City Beach; New Facility to Open by Next Summer

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Date: Thu, 24 Oct 2002 19:40:52 -0400

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St. Joe Breaks Ground On Second Office Building in Panama City Beach; New Facility to Open by Next Summer

PANAMA CITY BEACH, Fla., Oct 24, 2002 (BUSINESS WIRE) -- With the help of local citizens and civic and business leaders, The St. Joe Company (NYSE:JOE) announced today that it has broken ground on the second of four multi-tenant buildings at the Beckrich Business Park in Panama City Beach. The first building, Beckrich One, opened in May 2002.

Source:

Business Wire

Date:

10/24/2002 13:27

Price:

Free

Document Size:

Short (1 or 2 pages)

Document ID:

FB20021024610000010

Subject(s):

Annual Report; Bank; Business; Commerce; Commercial; Community; Construction; Consulting; Economy; Engineering; Expansion; Florida; Industrial; Leisure; Local; NYSE; Online; Panama; President; Real Estate; Salaries; Sales; Securities; Timber

Document Type:

Press releases

St. Joe Breaks Ground On Second Office Building in Panama City Beach; New Facility to Open by Next Summer

Story Filed: Thursday, October 24, 2002 1:27 PM EST

PANAMA CITY BEACH, Fla., Oct 24, 2002 (BUSINESS WIRE) -- With the help of local
citizens and civic and business leaders, The St. Joe Company (NYSE:JOE)
announced today that it has broken ground on the second of four multi-tenant
buildings at the Beckrich Business Park in Panama City Beach. The first
building, Beckrich One, opened in May 2002.

Beckrich Two, designed as a 35,000 square-foot twin of Beckrich One, is slated
for completion by next summer. Current plans are for two more buildings of about
the same size. The park also includes a separate, custom-built call center for
the wireless phone company Nextel. The Nextel building opened in December 2001
and currently employs approximately 300, with plans to expand to 600 employees.

"The Beckrich Business Park and its continued expansion is the best kind of
public-private partnership - business development that advances the interest of
the community," U.S. Rep. Allen Boyd said. "These type of initiatives - one
fueling the other - translates into opportunities to grow and diversify the job
base. We are working here to create jobs for the people of Bay County that can
bring long-term prosperity."

"Beckrich Business Park is a magnet for quality jobs that pay good salaries year
round," said Panama City Beach Mayor Lee Sullivan at a groundbreaking ceremony.
"It's precisely the type of facility our community needs as we work to build an
economy that hums 12 months a year."

In addition to Nextel, Park tenants include First American Bank and three
engineering and land use consulting firms - Wilson Miller; Dyer, Ribble, Mills
and Precourt (DRMP) and Post, Buckley, Schuh & Jernigan (PBS&J). DRMP and Wilson
Miller opened the local offices within the past year. The St. Joe Company and
several of its subsidiaries also have offices in Beckrich One.

"As the regional economy grows, Beckrich can grow, too," said St. Joe president
Kevin Twomey. "This kind of development is good for our shareholders and the
community. We were proud to play a part in attracting Nextel to this community,
and we are delighted that a number of outstanding professional firms have chosen
Beckrich."

Beckrich Business Park, is being developed by St. Joe Commercial. It is one of
four St. Joe commerce parks either under construction, in the permitting
process, or in operation across Northwest Florida.

St. Joe Commercial is the commercial real estate development unit of The St. Joe
Company, based in Jacksonville. St. Joe Commercial has developed over 3.5
million square feet of commercial and industrial space since its inception in
1998.

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,
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 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.

The "Taking Flight" logo and "St. Joe Commercial" are registered service marks
of The St. Joe Company.

CONTACT: St. Joe Commercial, Jacksonville, Fla.
Media Contacts:
Jerry Ray, 904/858-2707
or
Alison Mosely, 407/355-6112

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KEYWORD: FLORIDA

INDUSTRY KEYWORD: BUILDING/CONSTRUCTION

REAL

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SOURCE:

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