The St. Joe Company and HomeCorp Announce Joint Venture
April 13 2017 - 5:30PM
Business Wire
The St. Joe Company (NYSE: JOE) (“St. Joe”) and HomeCorp
announced today the formation of a joint venture to develop,
manage, and lease multi-family housing in Panama City Beach,
Florida.
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“HomeCorp is pleased to be working with St. Joe and be able to
expand HomeCorp’s unique approach to multi-family housing into the
Panama City Beach market,” stated Jim Curtis, Principal of
HomeCorp. Curtis added, “We believe there is strong demand for high
quality apartment living in Northwest Florida.”
“We’re excited to join forces with HomeCorp and take advantage
of their proven track record of successful apartment development
and strong leasing experience,” said Jorge Gonzalez, President and
Chief Executive Officer of The St. Joe Company. Gonzalez added,
“This venture is also consistent with our strategy of partnering
with best in class operators to expand our portfolio of income
producing properties while maintaining a low fixed expense
structure.”
The parties are working together to design, develop and
construct a 240 unit multi-family apartment home community to be
located on land owned by St. Joe in the Pier Park area. HomeCorp
will serve as the construction and leasing manager for the
project.
Important Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 21E of the Exchange Act, including
statements regarding the future success of the HomeCorp venture and
prospective tenant interest in Northwest Florida. 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 March 2, 2017 as updated by subsequent
current report filings, as well as the following: (1) the ability
of St. Joe and HomeCorp to successfully complete the planned
apartment complex, (2) the ability of St. Joe and HomeCorp to
capitalize on the interest of prospective tenants in Northwest
Florida, and (3) the continued interest of prospective tenants in
Northwest Florida.
About St. Joe
The St. Joe Company together with its consolidated subsidiaries
is a real estate development, asset management and operating
company concentrated primarily between Tallahassee and Destin,
Florida. More information about St. Joe can be found on its website
at www.joe.com.
About HomeCorp
HomeCorp, a fully integrated real estate organization since
1987, is a recognized leader in the ownership, management,
acquisition and development of multi-family residences. More
information about HomeCorp can be found on its website at
www.homecorpinc.com.
“St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design)®” are registered service marks of The St. Joe
Company.
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version on businesswire.com: http://www.businesswire.com/news/home/20170413006216/en/
St. JoeInvestor/Media Contact:Marek Bakun,
866-417-7132Chief Financial
Officermarek.bakun@joe.comorHomeCorpMedia Contact:Herbert
ScheuerPrincipalhscheuerjr@aol.com
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