WATERSOUND, Fla., May 16, 2018
/PRNewswire/ -- Master developer Minto Communities
USA, global lifestyle brand
Margaritaville Holdings and The St. Joe Company (NYSE: JOE) ("St.
Joe") have combined their resources to pursue the development of a
new LATITUDE MARGARITAVILLE active adult community in Florida's Panhandle region to be located in
Bay County near Panama City Beach and the scenic 30A
corridor. The community is projected to open in early
2020.
The LATITUDE MARGARITAVILLE Watersound location is in the heart
of St. Joe's Bay-Walton Sector Plan that is entitled for 170,000
homes. St. Joe owns approximately 15 miles of frontage on the
Intracoastal Waterway connecting West Bay with Choctawhatchee Bay
and it is expected that the community will receive the benefit from
the spectacular vistas and recreational opportunities.
LATITUDE MARGARITAVILLE Watersound is the third of the
communities to be developed. The first two LATITUDE MARGARITAVILLE
communities have opened in Daytona Beach,
Florida and Hilton Head,
South Carolina.
According to St. Joe Company President and Chief Executive
Officer Jorge Gonzalez, "St. Joe is
pleased to work together with Minto and Margaritaville to offer the
first active adult community of this kind in our region. Minto has
a solid record of successful developments throughout the state of
Florida and the southeastern
United States. Many factors set this community and our market
apart from others. The planned Latitude Margaritaville community
property is in close proximity to the Gulf of Mexico and the area's gorgeous white
sand beaches, shopping and entertainment centers, as well as the
Northwest Florida Beaches International Airport."
Minto's Latitude Margaritaville Division President William Bullock notes that LATITUDE
MARGARITAVILLE communities have experienced an overwhelming
response from those seeking a unique approach to active adult
living. "There is nothing that compares to the lifestyle of
Latitude Margaritaville," notes Bullock. "Minto is proud to work
with St. Joe and Margaritaville to bring Latitude Margaritaville
Watersound to this beautiful part of Florida. Our audience has been asking for a
Gulf of Mexico location, and this
is a perfect complement to our other coastal destinations in
Daytona Beach and Hilton Head."
"We are thrilled to join our brand with Minto and St. Joe to
create a LATITUDE MARGARITAVILLE experience on Florida's Gulf Coast, an ideal complement to
our other lifestyle communities in Daytona Beach and Hilton Head," added John Cohlan, chief
executive officer of Margaritaville. "Latitude Margaritaville
Watersound is the perfect destination for those looking to own
a piece of paradise in the panhandle while living a life of fun and
relaxation."
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 Minto's and St. Joe's future intent
to enter into a joint venture, the anticipated success of that
joint venture and prospective interest in a Latitude Margaritaville
project in Bay County, as well as
the growth potential of a Latitude Margaritaville community in
Bay County. Minto is
authorized to use the Latitude Margaritaville name by virtue of a
license agreement from Margaritaville. At this point, St. Joe and
Minto have not reached any sort of agreement, and the parties have
not entered into any definitive documentation with respect to the
joint venture, meaning that neither party is bound to move forward
at this stage. This press release is a disclosure of an intent of
Minto and St. Joe to pursue a joint venture and either party may
decide not to pursue the joint venture. 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 for the year ended
December 31, 2017, its Quarterly
Report on Form 10-Q filed with the SEC on May 2, 2018 as updated by subsequent current
report filings, as well as the following: (1) the ability of St.
Joe and Minto to mutually agree to a joint venture structure and
joint venture documents, (2) the ability of St. Joe and Minto to
successfully complete the proposed project, and (3) the continued
interest of prospective buyers of a Latitude Margaritaville project
in Bay County.
For more information on LATITUDE MARGARITAVILLE and to sign
up to receive regular development updates, visit
www.LatitudeMargaritaville.com. Follow Latitude
Margaritaville on Facebook at
www.facebook.com/LatitudeMargaritaville and on Twitter at
@LatitudeMville.
About Latitude Margaritaville
Latitude Margaritaville
is a new portfolio of active adult communities developed by the
global lifestyle brand Margaritaville and master developer Minto
Communities. Offering resort-style amenities, Latitude
Margaritaville is the ideal destination for those looking to live
the Margaritaville lifestyle as they grow older, but not up.
The communities will feature a resort-style pool, fitness
activities, game and hobby rooms, arts and learning programs, live
entertainment, signature Margaritaville food and beverage concepts,
and more. The 55-and-better communities are currently under
development in Daytona Beach,
Florida, and Hilton Head,
South Carolina, with plans for
additional locations in some of the nation's most popular
destinations.
About Minto
Minto Communities, based in Florida since 1978, has represented integrity,
financial strength and enduring value for over 40 years. Minto
builds exceptional new homes and communities to meet every
lifestyle, with more than 25,000 new homes built in 46 communities.
Minto is dedicated to continuous improvement in design, quality and
customer experience. Applauded and recognized as an expert in
building active-adult communities, Minto was awarded "Best Floor
Plans for 50+" from Ideal-Living magazine. These are just some of
the elements that set Minto apart as an exceptional home builder
and community developer, and have earned the company national
recognition that includes consistently high rankings from Eliant
Customer Service Surveys. Minto has earned multiple national awards
for community and home design, including Best Mixed-Use Community
and Best Clubhouse from the National Association of Home Builders
(NAHB) for The Isles of Collier Preserve community in Naples, Florida; and Best Clubhouse from NAHB
for the Harbour Isle Beach Club in Sarasota-Bradenton, Florida. For more information
on Minto Communities, visit www.mintousa.com.
About Margaritaville
Margaritaville is a global
lifestyle brand inspired by the lyrics and lifestyle of singer,
songwriter and best-selling author Jimmy
Buffett, whose songs evoke a passion for tropical escape and
relaxation.
Margaritaville features 12 lodging locations with more than
20 additional projects in the pipeline, four gaming properties and
over 60 food and beverage venues including signature concepts such
as Margaritaville Restaurant, award-winning JWB Prime Steak and
Seafood, 5 o'Clock Somewhere Bar & Grill and LandShark Bar
& Grill. More than 20 million travelers every year change their
latitude and attitude with a visit to a Margaritaville resort,
residential real estate destination, vacation club, vacation home
rental or restaurant.
Consumers can also escape everyday through a collection of
Margaritaville lifestyle products including apparel, footwear,
frozen concoction makers, home décor and more. Additionally, the
brand's food, beverage and spirits lines – including Margaritaville
tequilas, rums, LandShark Lager and a new bestselling cookbook –
deliver authentic, tropical escapism to fans around the world.
Margaritaville, a state of mind since 1977.
About St. Joe
St. Joe is a Northwest
Florida based real estate development, asset management and
operating company established in 1936. The Company focuses on
thoughtfully planned destinations and thriving communities to Live,
Work, Play, Shop, and Vacation near the region's beautiful white
sand beaches such as WaterColor, WaterSound Beach, WaterSound
Origins, WaterColor Inn, WaterSound Beach Club, VentureCrossings,
Breakfast Point, Pier Park North, WindMark Beach, Camp Creek Golf
Club, Bay Point Marina, among other distinct brand
names. More information about St. Joe and
our growing destinations and communities can be found at
www.joe.com. Check out beach conditions at Joe's WaterSound
Beach webcam: http://clubsbyjoe.com/beachcam
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SOURCE Minto Communities