Team to Focus First on 1,000 Acres Adjacent to New International Airport Scheduled to Open May 2010

The St. Joe Company (NYSE:JOE) today announced that it has entered into agreements with The Haskell Company, America’s Green Design-Build Leader, and TranSystems Corporation, one of the world’s leading transportation planning and engineering firms, to masterplan JOE land adjacent to the new Panama City - Bay County International Airport which is scheduled to open in May 2010.

The initial parcels are being planned and positioned for office, retail and industrial users, totaling approximately 1,000 acres (400 hectares). This land is a portion of approximately 71,000 acres (28,400 hectares) that St. Joe owns within the West Bay Sector, a large mixed-use master-planned project located in Bay County in Northwest Florida. The sector is anchored by the new 4,000-acre (1,600-hectare) international airport now under construction.

“With the scheduled opening of the airport now less than one year away, we are accelerating our preconstruction activity and stepping up marketing outreach to global users who need ready access to the new airport,” said St. Joe’s president and CEO Britt Greene. “Our land at West Bay is a world-class asset, and our marketing outreach is to global users. Our initial marketing focus will be aerospace, logistics and defense-oriented technology companies.”

“Our land at West Bay also has easy access to a nearby deepwater port in Panama City and very good road and rail connections,” said Greene. “It's truly a unique opportunity to be part of one of Florida's largest mixed-use planned developments.”

“We are very pleased to have The Haskell Company and TranSystems working with us on our project at West Bay,” said Greene. “Haskell has earned its reputation as one of the best design-build firms in the nation. TranSystems is an acknowledged leader in engineering and planning and supply-chain management consulting. Together, we can provide a complete solution for a broad range of commercial, industrial, office and retail users.”

“JOE's project at West Bay is one of the most exciting we've seen in a long time,” said Steve Halverson, President and CEO of The Haskell Company. “There are very few greenfield opportunities with a strategic location and high-quality access to an airport, a deepwater port, road and rail connections.