The St. Joe Company and HomeCorp Ink Joint Venture for 240-Unit Apartment Community in Pier Park Area

PANAMA CITY BEACH, FL - The St. Joe Company and HomeCorp announced the formation of a joint venture to develop, manage, and lease multi-family housing in Panama City Beach, Florida.

“HomeCorp is pleased to be working with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Panama City Beach market,” stated Jim Curtis, Principal of HomeCorp. Curtis added, “We believe there is strong demand for high quality apartment living in Northwest Florida.”

“We’re excited to join forces with HomeCorp and take advantage of their proven track record of successful apartment development and strong leasing experience,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, “This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties while maintaining a low fixed expense structure.”

The parties are working together to design, develop and construct a 240 unit multi-family apartment home community to be located on land owned by St. Joe in the Pier Park area. HomeCorp will serve as the construction and leasing manager for the project.

The St. Joe Company together with its consolidated subsidiaries is a real estate development, asset management and operating company concentrated primarily between Tallahassee and Destin, Florida.

HomeCorp, a fully integrated real estate organization since 1987, is a recognized leader in the ownership, management, acquisition and development of multi-family residences.