The St. Joe Company Announces Agreements Designed to Spur Economic Development and Job Growth in Northwest Florida

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^{Published in Business and Finance on Wednesday, December 17th 2008 at 15:55 GMT by Market Wire}

JACKSONVILLE, Fla.--([ BUSINESS WIRE ])--The St. Joe Company (NYSE:JOE) announced today that it has entered into three agreements designed to stimulate economic growth and job creation in Northwest Florida. The agreements open the way for the reopening of a deepwater seaport in Port St. Joe, link the port with the national rail system and provide workforce training region-wide.

Site Leased for Reopening of Seaport

A long-term agreement with The Port Authority of Port St. Joe, FL (Port Authority) provides for a lease of a 63-acre site on St. Joseph Bay to be combined with 68 acres of contiguous port-owned property. The arrangement paves the way for the development of a functioning deepwater seaport.

The lease agreement with a 30-year term, plus two 5-year extensions, allows the Port Authority to resume port operations for the first time since the port was shuttered in 1998.

JOE also signed a short-term, 3-year lease with the Port Authority for a separate 20-acre site with a 1,000-foot bulkhead that will allow the port to begin shipping operations while simultaneously undertaking the planning and permitting of the 63-acre facility. The port's 68-acre site is already permitted and is expected to be ready for operations in early 2009.

"We are now in a position to talk to customers who can utilize our port and rail system and start creating jobs," Port Authority Chairman Allen Cox said. "We appreciate the efforts of The St. Joe Company to work with the port and the community on the critical need to stimulate economic development in Northwest Florida. We are creating a logistic intermodal hub of regional significance with access to maritime, rail, highway and intracoastal waterway transportation."

Agreement Links Port with National Rail System

JOE entered into an agreement for Genesee & Wyoming Inc. (NYSE:GWR) to operate the Apalachicola Northern Railroad under a 10-year lease, with three 10-year renewals. The 96-mile railroad connects the Port of Port St. Joe with the national rail system in Chattahoochee, FL.

"We look forward to AN Railway's growing role in building sustainable commerce and creating economic opportunities for the residents of Northwest Florida," said Jack Hellmann, CEO of Genesee & Wyoming. "We intend to be a catalyst for increasing the flow of freight and commodities through this gateway and enhancing the region's transportation infrastructure."

"We are working with the Port Authority, Genesee & Wyoming and local officials to leverage the geographic advantages of Gulf County for the benefit of both its citizens and the shareholders of JOE," said Britt Greene, President and CEO of JOE. "These two agreements put the ‘port' back into Port St. Joe."

Workforce Training MOU Signed

JOE also signed a Memorandum of Understanding (MOU) with Workforce Florida, Gulf Coast Community College and Gulf Power Company, creating a model for collaboration to address emerging training needs for businesses and jobs in Northwest Florida's West Bay area, the largest mixed-use planned community in the state.

The MOU marks the first time Workforce Florida, the Governor's statewide workforce investment board, has joined with education partners and companies to develop and implement a plan for responding to emerging workforce needs spurred by a planned community and a major infrastructure project. The 75,000-acre West Bay area is home to the new Panama City-Bay County International Airport, scheduled to open in May 2010, which serves as a catalyst for economic development and job creation for the region and state.

"Partnerships like the one cemented today are key to building a world-class workforce that will strengthen Florida's economy for generations to come," said Governor Charlie Crist. "This landmark agreement is a wonderful example of state government and the private sector coming together to create new jobs and exciting new opportunities for the Sunshine State."

"In our efforts to spur economic development, we continue to talk to companies all over the world, and one consistent priority always rises to the top – a trained workforce," said Greene. "This historic workforce alliance will prime the job creation machine for WestBay, businesses locating near the new international airport and across Northwest Florida. It is jobs that stimulate real estate activity."

JOE, which donated 4,000 acres for the new airport and owns the surrounding land, anticipates the potential for 37 million square feet in West Bay planned for business and commercial activity. The 75,000-acre development also includes a conservation area as well as recreational and residential areas.

About JOE

The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE.

More information about JOE can be found at our web site at JOE.com.

Forward-Looking Statements

Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2007, and our Quarterly Reports on Form 10-Q.

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