Groundbreaking for Pier Park® North Shopping Center Held Today

  Groundbreaking for Pier Park® North Shopping Center Held Today

Business Wire

PANAMA CITY BEACH, Fla. -- January 30, 2013

The St. Joe Company (NYSE:JOE), CASTO and Strategic Retail Advisors (SRA)
hosted a groundbreaking ceremony today to begin construction for their joint
venture project Pier Park^® North, a 360,000-square-foot shopping center
located across from Pier Park Lifestyle Center on US-98 east of the State Road
79 intersection. The Pier Park North shopping center anticipates opening in
spring of 2014.

Bed Bath & Beyond^®, Rooms to Go, Shoe Carnival^®, Men’s Wearhouse^®, Mattress
Firm^® and Lee Nails & Spa join fellow national retailers Dick’s Sporting
Goods, Michaels, Pier 1 Imports^® and Kirkland’s^® that committed last fall to
leasing space at the Pier Park^® North shopping center.

“The Pier Park North project is more proof that Florida’s economy is headed in
the right direction,” said Governor Rick Scott. “I would like to thank
everyone involved for their work on making this job-creating project a reality
and for creating opportunities for Florida families.”

“We’re pleased with the commitments from national retailers that we’ve
received,” said Park Brady, CEO of The St Joe Company. “Having so many
well-known retailers at Pier Park North indicates the tremendous growth
opportunities for this region.”

“The response from the retail community regarding the Panama City market has
been very heartening,” stated Brett Hutchens, Partner at CASTO. “These
national retailers are making long-term commitments to the area, which
demonstrates confidence in the direction of the overall region. Casto is
thrilled to be a part of this project.”

About The St. Joe Company

The St. Joe Company is a Florida-based real estate developer and manager. The
Company owns approximately 567,000 acres of land concentrated primarily in
Northwest Florida and has significant residential and commercial land-use
entitlements in hand or in process. The majority of land not under development
is used for the growing and selling of timber. 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 Strategic Retail Advisors

Founded in 2001, SRA is exclusively focused on providing real estate solutions
to our clients in the retail and shopping center industry. SRA consults on
behalf of retailers and developers in their efforts to open new stores,
redevelop existing centers, and relocate existing facilities throughout the
United States. See www.sraretail.com.

About CASTO

CASTO, a fully integrated real estate organization since 1926, is a recognized
leader in the ownership, management, acquisition and development of commercial
shopping centers and multi-family residences, office buildings and corporate
parks. CASTO’s growing portfolio currently includes over 23 million square
feet of commercial property and nearly 4,000 residential units located
primarily throughout the midwestern and southeastern United States and Puerto
Rico. The Pier Park North project will be developed by a Casto affiliate based
in Sarasota, Florida. CASTO currently has more than three million square feet
of retail in development. To learn more about CASTO call (888) 400-0878 or
visit www.castoinfo.com.

 “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight
    Design)®” and “Pier Park®” are registered service marks of The St. Joe
                                   Company.

Contact:

The St. Joe Company
Lori Elliott, 850-402-5138