Franklin County Commission Approves Comprehensive Plan Amendment for F

Franklin County Commission Approves Comprehensive Plan Amendment for Franklin County, Including St. James Island

    Business Editors

    JACKSONVILLE, Fla.--(BUSINESS WIRE)--April 5, 2005--

Amendment Includes 3,440 Residential Units on 5,404 Acres Owned by The St. Joe Company (NYSE:JOE)
    The Franklin County Commission today adopted an amendment to the county's comprehensive plan, including a revised future land use map for St. James Island, that could add land-use entitlements for up to 3,440 residential units on 5,404 acres owned by The St. Joe Company (NYSE:JOE).
    "This is a significant step in the entitlements process for a portion of the 33,761 acres JOE owns in Franklin County," said Peter S. Rummell, chairman and CEO of JOE. "St. James Island is a treasure in many ways. We recognize the unique natural aspects of Franklin County, and we are committed to preserving and respecting the unique heritage and habitat of this very special place."
    Land-use entitlements for JOE's SummerCamp project in Franklin County were previously approved and that project is not affected by this comprehensive plan amendment.
    Final action on these land-use entitlements is subject to a compliance determination by the state and the expiration of all challenge periods. In addition, certain regulatory and environmental permits are required before development can begin.
    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 town, resort, commercial and industrial development, land sales and commercial real estate services. JOE also has significant interests in timber.
    More information about JOE can be found at our web site at http://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 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 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, 2004.

    Copyright 2005, The St. Joe Company. "St. Joe," "JOE," "SummerCamp" and the "taking flight" design are service marks of The St. Joe Company.

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CONTACT: The St. Joe Company, Jacksonville Media Contact: Jerry M. Ray, 904-301-4430 jray@joe.com or Investor Contact: Steve Swartz, 904-301-4347 sswartz@joe.com

KEYWORD: FLORIDA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION SOURCE: The St. Joe Company

Copyright Business Wire 2005