The St. Joe Company (NYSE: JOE) Names Kevin Johnson as Vice President - Economic Development
Johnson to Focus on Economic Development on JOE's Land Adjacent to New International Airport Scheduled To Open May 2010
Jacksonville, Florida - (September 29, 2009) - The St. Joe Company (NYSE: JOE) today announced that Kevin Johnson has joined JOE as Vice President - Economic Development.
In this new position, Johnson will be focused on driving economic growth to the West Bay Sector adjacent to the new international airport scheduled to open in May 2010 and creating national and international exposure for JOE's projects at West Bay.
"Kevin brings a wealth of experience and an established record in managing public and private economic development partnerships at both the local and regional level," said Rod Wilson, JOE's president for the West Bay Sector. "With the scheduled opening of the airport now a short time away, we are stepping up marketing of our world-class assets to global users who need ready access to the new airport. Kevin's initial focus will be prospects seeking expansion and relocation opportunities within the aerospace, aviation, logistics and defense technology clusters."
Johnson comes to JOE from Cary, North Carolina where he served as the vice president of business development since 2005 for the Research Triangle Foundation of North Carolina, the owner and developer of the Research Triangle Park, the largest high-technology park development in North America.
Earlier he was vice president of business development with the Greater Phoenix Economic Council in Arizona where he was instrumental in developing relationships leading to economic development projects and expanding and relocating businesses to the Greater Phoenix area.
"JOE's projects at West Bay is one of the most exciting large-scale projects in the nation," said Johnson. "There are very few greenfield opportunities with a strategic location and high-quality access to an airport, a deepwater port, road and rail connections. I am indeed proud to be part of a team that can deliver a valuable product to such a wide range of users."
The initial parcels are being planned and positioned for office, retail and industrial users, totaling approximately 1,000 acres (400 hectares). This land is a portion of approximately 71,000 acres (28,400 hectares) that JOE owns within the West Bay Sector, a large mixed-use master-planned project located in Bay County in Northwest Florida. The sector is anchored by the new 4,000-acre (1,600-hectare) international airport now under construction.
As part of the master-planning process, the West Bay team is creating a development node capable of joining the Gulf Coast's aerospace corridor. A concentration of U.S. Air Force, Navy and Army aerospace and aviation facilities along the Florida, Alabama and Mississippi Gulf Coast have created a cluster of aerospace and aviation businesses and workforce talent in the region.
This Gulf Coast corridor also includes the site selected by Northrop Grumman and EADS for the final assembly of a new aerial tanker, the KC-45, for the U.S. Air Force, should they win the contract. The U.S. Air Force is expected to issue the new bid package for the $35 billion (25 billion Euro) aerial tanker project later this fall. Northrop Grumman and EADS North America are competing for the contract.
Johnson, who earned a Bachelors of Arts in political science and pre-law from South Carolina State University, will work alongside the West Bay team at JOE's WaterSound offices on U.S. 98.
About JOE's Project at West Bay
JOE's project at West Bay is part of the larger West Bay Sector Plan, a product of Florida's unique sector planning process. A planning framework is in place for approximately 75,000 acres (30,000 hectares), which includes the airport, to ensure long-term land-use compatibility. Approximately 41,000 acres (16,500 hectares) in the West Bay Sector have been preserved forever through the establishment of the West Bay Preservation Area.
About JOE
The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. We are primarily engaged in real estate development and sales, with significant interests in timber. More information about JOE can be found at our web site at
Florida Real Estate - Land, homes, condos and commercial property for sale | The St. Joe Company.
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, 2008, and our Quarterly Reports on Form 10-Q.
St. Joe Media Contact:
Jerry M. Ray
904 301.4430
jray@joe.com
St. Joe Investor Contact:
David Childers
904.301.4302
dchilders@joe.com
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