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The St. Joe Company Announces a New Residential Community in Callaway, Florida and the Execution of a Letter of Intent for 51 Homesites with Truland Homes

WATERSOUND, Fla.--(BUSINESS WIRE)--

The St. Joe Company (JOE) (“St. Joe”) today announced its plan to develop Park Place, a new residential community in Callaway, Florida. Plans for the community call for more than 300 homesites on approximately 165 acres of land. The entrance to Park Place will be located on State Road 22, east of Betty Louise Drive.

“The Park Place community has been in St. Joe’s long term development plan,” said Bridget Precise, Senior Vice President, Residential Real Estate for St. Joe. “With the need for housing in Bay County following Hurricane Michael, we believe that this is the right time to accelerate this project.”

St. Joe recently executed a letter of intent to sell the first 51 homesites in the Park Place community to Truland Homes. This will be the Alabama-based homebuilder’s first major project in Bay County. Truland Homes intends to construct and sell single family homes that are scheduled to be completed in 2020. “We are very pleased to work with St. Joe at Park Place,” said Jeff Wayne, Gulf Coast East Division President for Truland Homes. “We are in this market for the long haul and are committed to being a partner in the community. The homes that are planned for this new community will be built and priced to meet the needs of Bay County.”

Plans call for homesite development to be completed later in 2019.