The St. Joe Company and D.R. Horton Announce Plans for New Homes in Port St. Joe’s Windmark Beach Community

WATERSOUND, Fla.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DR_Horton?src=hash” target=”_blank”gt;#DR_Hortonlt;/agt;–Windmark JV, LLC, a joint venture involving WindMark Beach, LLC, a
wholly-owned subsidiary of The St. Joe Company (NYSE: JOE) (“St. Joe”),
today announced the sale of 94 residential homesites in the WindMark
Beach Community, a waterfront St. Joe development in Port St. Joe,
Florida, to D.R. Horton, Inc. (“D.R. Horton”) for the construction of
new single family homes.


This contract marks the second agreement between the two companies in
the WindMark Beach Community with D.R. Horton having purchased 64 lots
in 2017. “We look forward to continuing our successful relationship with
D.R. Horton in the WindMark Beach Community,” said Bridget Precise, Vice
President of Residential Development for St. Joe. “Demand for new
single-family residences remains high in this unique community and D.R.
Horton has proven their ability to deliver a high-quality product and
attract new homeowners.”

In addition to their homebuilding duties, D.R. Horton will also handle
the sale of these homes. “We are thrilled to continue working with St.
Joe in the WindMark Beach Community,” said Scott Whitehurst, Division
President – Northern Gulf Coast for D.R. Horton. “Its idyllic location
on St. Joseph Bay makes for a very picturesque and family-friendly
setting and we look forward to further contributing to the unique
character of Port St. Joe.”

These new homes will make up the Village Center East and Creekside
neighborhoods of the WindMark Beach Community which currently has 77
existing homes and 14 homes under construction. The community is home to
a Village Center with unique retailers, an amphitheater, a pool and
playground area and vacation rental units. These new neighborhoods will
feature connectivity to the community’s many greenspaces, parks and
boardwalks including BeachWalk – a paved multi-use trail running
parallel to the St. Joseph Bay coastline. Site development began in 2018
and home construction is expected to begin in 2019 with homes being
available for sale in early 2020 starting in the $300,000’s. For more
information about the WindMark Beach Community, please visit the sales
center located within the community or visit us at www.joe.com.

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 parties’ plans to develop 94 new homesites with homes to
be constructed by D.R. Horton. 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 Third Quarter
Report on Form 10-Q filed with the SEC on October 31, 2018 as updated by
subsequent current report filings, as well as the following: (1) the
ability of the The St. Joe Company to successfully develop the proposed
new subdivisions of the WindMark Beach Community, (2) the ability of
D.R. Horton to close on the lots and construct homes and (3) the
interest of prospective buyers for the new homes in the WindMark Beach
community.

About WindMark Beach

The coastal WindMark® Beach community, located along the shores of
beautiful St. Joseph Bay, is designed with healthy living in mind.
Residents can enjoy the fresh air on nature trails, boardwalks and cart
paths or get a workout in at the fitness center. The community features
a swimming pool, Village Green and Amphitheater and beach walkover
access to the St. Joseph Bay coastline. More information can be found on
the website at www.joe.com.

About The St. Joe Company

The St. Joe Company, together with its consolidated subsidiaries, is a
real estate developer and manager. The Company owns land concentrated
primarily in Northwest Florida and has significant residential and
commercial land-use entitlements in hand or in process. The Company also
owns various commercial, resort, and club properties. More information
about the Company can be found on its website at www.joe.com.

About D.R. Horton

D.R. Horton, Inc., America’s Builder, has been the largest homebuilder
by volume in the United States since 2002. Founded in 1978 in Fort
Worth, Texas, D.R. Horton has operations in 84 markets in 29 states
across the United States and closed 51,857 homes during its fiscal year
ended September 30, 2018. The Company is engaged in the construction and
sale of high-quality homes through its diverse brand portfolio that
includes D.R. Horton, Emerald
Homes
Express
Homes
 and Freedom
Homes
 ranging from $100,000 to over $1,000,000. D.R. Horton also
provides mortgage
financing
title
services
 and insurance
agency services
 for homebuyers through its mortgage, title and
insurance subsidiaries. www.drhorton.com

©The St Joe Company 2019. “St. Joe®”, “JOE®”,
the “Taking Flight” Design
®, “St. Joe (and
Taking Flight Design)
®”, and “WindMark®”
are registered service marks of The St. Joe Company
are service
marks of The St. Joe Company or its affiliates.

Contacts

St. Joe Investor Relations Contact:
Marek Bakun
Chief
Financial Officer
1-866-417-7132
marek.bakun@joe.com