WATERSOUND, Fla.–(BUSINESS WIRE)–The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces the
construction of two new buildings at the Cedar Grove Commerce Park in
Panama City, Florida. These buildings are currently under construction
on adjoining lots.

Once complete, the buildings will offer approximately 19,800 square feet
of rentable space. Each building can be subdivided into as many as five
tenant spaces, or a single tenant can occupy the entire space. Plans
call for each tenant space to feature 14-foot overhead doors and
three-phase power. Ceiling heights of approximately 20 feet make the
spaces suitable for a variety of uses. “The design of these buildings
can accommodate light industrial, warehouse and office tenants,” said
Dan Velazquez, Senior Vice President, Commercial Real Estate for St. Joe.

These buildings will be the first that St. Joe has constructed in the
68-acre Cedar Grove Commerce Park. The park is located in the desirable
East Avenue corridor approximately one mile from U.S. Highway 231. In
addition to this rentable space, St. Joe is offering lots for sale in
the commerce park, as well as build-to-suit options on lots ranging in
size from one to two acres.

“Demand for commercial space in Bay County is very high,” said Becca
Hardin, President of the Bay County Economic Development Alliance.
“Local companies looking to expand or relocate as well as companies
looking to establish a presence in Bay County are seeking space with
easy access to major roadways and all of the infrastructure in place to
meet their needs. This new space in Cedar Grove Commerce Park will
further enable Bay County to attract diverse businesses.”

“This project has been in St. Joe’s long term development plan,”
Velazquez said. “With the need for rentable space of this type in Bay
County following Hurricane Michael, we believe that this is the right
time to accelerate this project and begin construction. Should demand
remain strong, we will consider constructing more leasable space within
the commerce park.”

As construction continues, St. Joe is actively engaging with prospective
tenants interested in leasing opportunities. Plans call for the building
to be ready for tenants in early 2020.

Additional information regarding these buildings, including leasing and
contact information, can be found at www.joe.com/commercial-real-estate.

Important Notice Regarding Forward-Looking
Statements

This press release contains “forward-looking statements,” within the
meaning of Section 21E of the Securities Exchange Act of 1934, including
statements regarding plans to develop, own and manage two buildings at
Cedar Grove Commerce Park and expected timing of completion for tenant
occupancy. These forward-looking statements are qualified in their
entirety by cautionary statements and risk factors set forth in St.
Joe’s filings with the SEC, including its Annual Report on Form 10-K
filed with the SEC on February 27, 2019 as updated by its First Quarter
Report on Form 10-Q filed with the SEC on May 1, 2019, subsequent
current report filings, as well as the following: (1) the ability of St.
Joe to successfully construct the proposed buildings at Cedar Grove
Commerce Park, (2) the interest of prospective tenants of space in these
buildings at Cedar Grove Commerce Park.

About St. Joe

The St. Joe Company, together with its consolidated subsidiaries, is a
real estate development, asset management and operation company. The
Company owns land concentrated primarily in Northwest Florida and has
significant residential and commercial land-use entitlements in hand or
in process. More information about the Company can be found on its
website at www.joe.com.

©The St Joe Company 2019. “St. Joe®”, “JOE®”,
the “Taking Flight” Design
®, “St. Joe (and
Taking Flight Design)
®”, are service marks
of The St. Joe Company or its affiliates.

Contacts

St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
[email protected]