Ceremony Celebrates Groundbreaking For New Northwest Florida International Airport

Panama City – Bay County International Airport Being Built on 4,000 Acres to be Donated by The St. Joe Company (NYSE: JOE)

Florida Governor Charlie Crist Calls Project a National Model for Balancing Economic Transformation and Environmental Preservation

Panama City, Florida – (November 1, 2007) – The Panama City – Bay County Airport and Industrial District (Airport Authority) held a groundbreaking ceremony for its new state-of-the-art international airport, initiating the construction phase of the airport infrastructure and the preservation phase for thousands of acres of environmental lands around it. The airport is to be built in the 75,000-acre West Bay Sector on a 4,000-acre site to be donated to the Airport Authority by The St. Joe Company (NYSE: JOE).

Florida Governor Charlie Crist hailed the new airport as “a national model for economic transformation and environmental preservation.” In a prepared statement, Crist said, “The State of Florida stands as a proud partner of this project for the new jobs it will create and the environmental jewels it will protect.”

“Though we celebrate today, tomorrow we will redouble our efforts to maximize the potential of this project for the people of Northwest Florida,” said Airport Authority Chairman Joe Tannehill. “We will work together to attract better air service and high-quality jobs to our region, and we will continue to work to make this airport as green as it possibly can be. I am very proud of the way our community pulled together to create a shared vision of better air service, stronger economic development and permanent environmental protection for West Bay.”

“We have planned this property to allow this airport to serve this region now and for the next fifty years and beyond,” said Tannehill. “At the same time, we have worked with the environmental community, the state of Florida, Bay County and St. Joe to create an unprecedented environmental preservation area that protects West Bay for our children and grandchildren.”

“As the place-maker for the West Bay Sector, JOE’s role will be a supplier of entitled land,” said Peter S. Rummell, chairman and CEO of JOE. “With this groundbreaking ceremony, we are open for business and seeking relationships with a broad range of strategic partners and customers.”

“Encompassing more than 100 square miles with the new international airport at the center, the West Bay Sector represents a wide range of opportunities for national and international intermodal, industrial, office, retail and residential developers,” said Rummell.

“It will offer unique opportunities to locate business operations near a new state-of-the-art international airport designed for 24/7 operations with protected approaches,” said Rummell. “With a link to Panama City’s deepwater port, we believe this airport has significant unique competitive advantages and JOE is positioned to work with dynamic third-party developers and end users to be operational when the new airport opens.”

The West Bay Sector also includes a 40,000-acre West Bay Preservation Area, a conservation area to permanently protect West Bay, including 33 miles of shoreline and an additional 44 miles of creeks and tributaries. JOE and The National Audubon Society have signed a Memorandum of Understanding to create The Audubon Center at West Bay being designed as the gateway to the West Bay Preservation Area.

“JOE and Audubon are also seeking to join with progressive strategic partners to explore the feasibility of creating a world-class environmental educational venue,” said Rummell. “This nature center would offer a unique opportunity for environmental organizations, corporations and citizens to build a consensus about how we can live, work and play in a greener world.”

“In addition, JOE is participating in regional efforts to bring new airline service to Northwest Florida as these white-sand beaches emerge as a new national destination,” said Rummell. “In turn, new airline service will make Northwest Florida, and its beautiful beaches, more accessible to markets worldwide.”

Initial development of the airport is planned for 1,200 acres of the 4,000-acre site to be donated by JOE. The initial phase of the new airport will have an 8,400-foot runway permitted to be extended to 12,000 feet, a 5,000-foot crosswind runway and a phase one terminal building of approximately 105,000 square feet with eight gates. The site has significant room for expansion that could include a 1,400-acre industrial complex with ramp access and a second 8,400 parallel runway.

Within the West Bay Sector’s first phase, JOE has entitlements for approximately 4.4 million square feet of industrial, commercial and retail space, 5,842 residential units, 490 hotel rooms and two marinas. There is ample land within the West Bay Sector for additional commercial and residential entitlements.


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