The St. Joe Company Starts Construction on Next Phase of WindMark Beach
biz.yahoo.com
Tuesday June 28, 9:21 am ET
Construction Also Begins on Realignment of US 98 at WindMark Beach
PORT ST. JOE, Fla.--(BUSINESS WIRE)--June 28, 2005--The St. Joe Company (NYSE:JOE) announced today that it has started construction on the next phase of WindMark Beach consisting of 1,552 units along more than 15,000 feet of beachfront near the town of Port St. Joe. Construction has also started on the realignment of a three-mile segment of US 98 within WindMark Beach.
Plans for WindMark Beach provide that once U.S. 98 has been relocated away from the beach, the existing roadbed will be reconstructed to create a 3.5-mile public beachfront trail system. No residential development is planned seaward of the beachfront trails, and JOE will provide public beach parking areas and access points for the public.
"WindMark Beach embraces, restores and protects this unspoiled three-mile stretch of beautiful beach and makes it accessible to the public with activities that center on family fun," said Peter S. Rummell, JOE's chairman and CEO. "Together with the Gulf County community, we are creating WindMark Beach to respect local culture, landscape, architecture and the conservation lands nearby."
"WindMark Beach is planned as a high-end beachfront resort destination," said Kevin M. Twomey, president of JOE. "We initially planned to start sales in the new phase of WindMark Beach later this year, but have elected to wait for the higher values we believe can be achieved after additional progress is made on the construction of infrastructure and amenities."
WindMark Beach is a mixed-use development on approximately 2,020 acres in Gulf County. Sales of the first phase of WindMark Beach, which included 110 home sites, began in 2001. Only five retail home sites, including two on the beach, and one beachfront home, remain to be sold in this first phase; however, none are currently for sale. The first phase features a pool club and several community docks, as well as an extensive conservation area. |
