VentureCrossings at West Bay - 1,000 acres of hotel, office, retail, industrial
The St. Joe Company Launches VentureCrossings Enterprise Centre at Nation's Newest International Airport
CB Richard Ellis to market first 1,000 acres of mixed-use property
Jacksonville, FL - April 12, 2010 - The St. Joe Company (NYSE: JOE) today announced the launch of VentureCrossings Enterprise Centre at West Bay, Florida. VentureCrossings, one of the nation's largest, most unique office, retail, hotel and industrial developments, encompasses the first 1,000 acres to be developed by St. Joe within the 75,000-acre West Bay Sector Plan adjacent to the Northwest Florida Beaches International Airport opening in May.
The new Northwest Florida Beaches International Airport is the first international airport built in the United States in the last 15 years, replacing the existing Panama City - Bay County International Airport. St. Joe donated 4,000 acres within its West Bay Sector Plan for the construction of the new airport.
VentureCrossings includes approximately 100 acres designated for retail, office and hotel uses, approximately 300 acres for light industrial uses, and approximately 600 acres for manufacturing, distribution and logistics companies seeking "through the fence" access to the new airport's 10,000-foot runway.
Within VentureCrossings, St. Joe is developing an approximately 50,000 square foot Class A multi-tenant office building with construction beginning later this year. The Company is relocating its corporate headquarters, currently in Jacksonville, Florida, to this multi-tenant building by the summer of 2011. The new offices will provide St. Joe with a location central to its numerous residential communities and commercial properties, as well as its lands slated for new business and development opportunities in the region.
"VentureCrossings is an unparalleled greenfield site and a unique multi-modal opportunity for expanding businesses interested in air, land and sea access," said Kevin Johnson, St. Joe's Vice President of Economic Development. "Because of our region's strong military presence and transportation assets, West Bay is an ideal growth area for industries including aerospace, defense, renewable energy and logistics services."
Northwest Florida already has seven military installations and research institutions, including Tyndall and Eglin Air Force Bases. The region is also home to over 1,900 aerospace and defense businesses, in addition to a well-trained workforce that includes military personnel, veterans and retirees.
St. Joe has engaged CB Richard Ellis Group, Inc., the world's largest commercial real estate services firm, to help attract VentureCrossings' first retail, office and industrial occupants for this prime development location.
"VentureCrossings is an exceptional location for companies requiring large capacity and room for expansion with proximity to the new international airport, the deepwater port at Port Panama City, rail and highway connections, and an attractive quality of life," said Robert McFarlane, Senior Vice President, CB Richard Ellis Global Corporate Services. "We believe VentureCrossings will attract companies seeking to benefit from the 'blank canvas' this major new commercial development represents."
For more information on VentureCrossings, visit www.venturecrossingsfl.com.
VentureCrossings is a vital part of The St. Joe Company’s new development at West Bay, Florida. Initial entitlements call for up to 4.4 million square feet (408,000 square meters) of commercial/industrial and retail space initially. At full build-out, the West Bay Sector Plan contemplates approximately 27,000 residential units and 37 million square feet (3.4 million square meters) of commercial/industrial and retail space.
Phase One of VentureCrossings is located adjacent to the new Northwest Florida Beaches International Airport, offering “through the fence” access to the new airport’s runway.
Northwest Florida is home to multiple aerospace and defense firms. In fact, the area's seven military installations contribute a significant economic impact to the region.
In addition, VentureCrossings offers a combination of very attractive competitive advantages, including:
- Proximity to Port Panama City, a deepwater port equipped with modem loading and unloading facilities for truck, rail, barge, container, RO-RO vessel and deepwater vessel traffic. The Gulf Intracoastal Waterway is located adjacent to the port and offers Intracoastal shipment capability via barge.
- Access to Foreign Trade Zone #65 with full US Customs services on demand.
- Proximity to a rail link to both Norfolk Southern and CSX Railroad and the United States’ primary north-south and
east-west rail lines.
- Access to I-10 and the United States’ Interstate Highway System.
- A full complement of strong local and regional business support capable of helping to jump start a business relocation or expansion.
- Available state and local economic incentives and business support programs.
- A strategic location that allows businesses to serve the southeastern, northeastern and central United States, Central and South America and the world.
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St. Joe announces new residential development, covered parking at new airport | new, parking, covered - News - The News Herald
St. Joe donated land to the Airport Authority for the new airport site. The land donation and deed rights established giving St. Joe through-the-gate access to the runway. Site coordinators touring the new airport in October suggested that St. Joe would have a difficult time securing the rights due to security concerns.
“We have through-the-fence access rights clearly established by the land donation agreement and deed,” Greene said. “These rights were approved by the Federal Aviation Administration and the Airport Authority.”
In a post-Sept. 11 environment, it was suggested that due to security concerns it would be difficult for St. Joe to get approval to have private companies renting facilities with direct access to the runway.
“Security will not be a speed bump,” Greene said.
Typically at airport sites the airport authority owns the land that is leased out to businesses with through-the-fence access; in this case a private company will own the land, he said.
Greene said St. Joe is documenting the process of getting access to the runway. In the meantime, St. Joe has signed a long-term ground lease with the Airport Authority with an annual rate of 30 cents per square foot to get immediate access to the taxi ways and runway.
“We have the rights for through-the-fence access, and we are going through the planning and design stages for that,” Greene said. “Wesee this as an immediate need and an early incubator to grow business.”
St. Joe leaders told investors Tuesday on a quarterly earning conference call that access to the new airport will give the company a long-term competitive advantage in the marketplace.
“Access to the runway, contracting with a single private entity and a virtually unlimited ‘greenfield’ expansion capability gives St. Joe a competitive edge when compared with other international airports in the country,” Greene said.
“Greenfield” refers to an airport that is built from scratch on a new development site and is not constrained by existing and surrounding infrastructure.
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