Third Latitude Margaritaville community opens to resounding response

PANAMA CITY BEACH, FL (June 14 2021) — Latitude Margaritaville Watersound on Northwest Florida’s gorgeous Emerald Coast has officially opened for sales. It is the third location of the incredibly popular, award-winning Latitude Margaritaville communities for those 55 and better who are growing older…but not up.  Planned to be the largest to date of the laid-back lifestyle communities, the initial phase of Latitude Margaritaville Watersound is anticipated to include approximately 3,500 homes.

In May, more than 1,000 people, and special guest Jimmy Buffett, participated in a streamed virtual drawing event for the first release of homesites. Those who didn’t get a chance to purchase a home in the first phase will be notified of the next homesite release, tentatively slated for this summer.

Latitude Margaritaville’s all-new approach to active adult living has captured the imagination of today’s vibrant and active adult home buyers. More than 360,000 are registered as Latitude Margaritaville Paradise Club members to receive ongoing information on the communities.

The Latitude Margaritaville sales center and 13 colorful island-styled model homes are open daily.  Four distinct home collections, the Conch Cottage Collection, Caribbean Villas Collection, and Beach and Island Collections of single-family homes, capture the “no worries” tropical vibe that defines Latitude Margaritaville. Floor plans range from 1,204 to 2,568 square feet under air with pricing from the mid $200s.

Latitude Margaritaville Watersound is being developed in a dynamic partnership that includes master developer Minto Communities USA (“Minto”), global lifestyle brand Margaritaville Holdings, and The St. Joe Company (NYSE: JOE) (“St. Joe”). Latitude Margaritaville Watersound is the first of the popular communities to be developed in partnership with St. Joe. The first two Latitude Margaritaville communities by partners Minto and Margaritaville are located in Daytona Beach, Florida and near Hilton Head, South Carolina.

Latitude Margaritaville Watersound is located between Pensacola and Panama City, near Panama City Beach, and situated in the heart of St. Joe’s vast Bay-Walton Sector Plan that encompasses approximately 110,500 acres with approximately 15 miles of frontage on the Intracoastal Waterway. Just a short drive from the famed Scenic Highway 30-A corridor with its beautiful white-sand beaches, this region is the embodiment of the relaxed, beachy vibe that is at the heart of the Latitude Margaritaville lifestyle.

 “We believe this amazing property presents a stunning setting in which to deploy the four pillars of the Latitude Margaritaville lifestyle —fun, food, music and escapism — in one of the country’s most beautiful and desirable locations,” notes Minto’s Latitude Margaritaville Division President William Bullock. “The area’s natural terrain is breathtaking and the location of the planned Latitude Town Center amenities offers spectacular views of the Intracoastal Waterway.”

Plans call for Latitude Margaritaville Watersound’s impressive resort-style amenities to include a Latitude Town Center with a Town Square featuring a thatched-roof bandshell over a full-size concert stage and jumbo screen for live concerts and movies as well as a specially floored open air dance area. A Fins Up! Fitness Center will include indoor pool and spa, and the lagoon-style Paradise Pool with beach-like entry will have its own swim-up Tiki Island. A two-story Latitude Bar & Chill restaurant will overlook the Intracoastal Waterway and the adjoining Changes in Attitude Bar will provide poolside service. And, of course, there will be great Margaritaville-inspired menu selections and an array of refreshing beverage concoctions. There also are plans for tennis and pickleball courts, nature trails and a Barkaritaville Dog Park for canine residents. Future planned amenities include a Workin’ N’ Playin’ Center with a Last Mango Theater, Hangar Workshop for golf cart tune ups and Barkaritaville Pet Spa.

“The excitement and enthusiasm among prospective buyers is a reflection of the community that exists at Latitude Margaritaville,” said Jim Wiseman, President of Margaritaville Development. “Through our relationship with Minto and St. Joe, fun and relaxation will meet at home in this community, and we are pleased to see such a positive early response.”

In addition to the many Latitude Margaritaville amenities, St. Joe has plans for a future full-service public marina and commercial village adjacent to the community. St. Joe also recently announced plans to develop a health care campus just minutes from Latitude Margaritaville Watersound with Tallahassee Memorial Healthcare, Inc. and Florida State University College of Medicine (FSU). The proposed healthcare campus is planned for an 87-acre parcel near the intersection of State Highway 79 and Phillip Griffitts Sr. Parkway. In addition to a 100-bed inpatient facility, FSU intends to utilize the campus for research focused on successful aging and senior living technology.

“We believe this location in Northwest Florida is ideally situated for the future residents of Latitude Margaritaville Watersound,” said Jorge Gonzalez, President and CEO of St. Joe. “The area’s natural beauty and accessible waterways along with convenient access to current and planned shopping centers and healthcare facilities make this region a great place for those 55 and better.”

A virtual tour of Latitude Margaritaville Watersound is available at LatitudeMargaritaville.com/watersound where floor plans, site plans, amenity renderings and more details about the community can be viewed.

This press release contains “forward-looking statements,” within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding the anticipated size of the initial phase of Latitude Margaritaville Watersound, expected timing of subsequent phases, expectations regarding specific amenities, plans for developments in the adjacent communities and the prospective interest in the Latitude Margaritaville Watersound, as well as the growth potential of the Latitude Margaritaville Watersound. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent current report filings, as well as the following: (1) the ability of Minto, Margaritaville Holdings and St. Joe to continue to develop and successfully complete the Latitude Margaritaville Watersound community on the proposed timeline, or at all, (2) the continued interest of prospective buyers of Latitude Margaritaville Watersound homes, (3) the ability of St. Joe to complete a marina, (4) the ability of St. Joe to complete a commercial village, (5) the ability of St. Joe, Tallahassee Memorial Healthcare and FSU to develop a healthcare campus and (6) the interest of customers and consumers of these proposed developments.

About Latitude Margaritaville

Latitude Margaritaville is a new portfolio of active adult communities developed by the global lifestyle brand Margaritaville and master developer Minto Communities. Offering resort-style amenities, Latitude Margaritaville is the ideal destination for those looking to live the Margaritaville lifestyle as they grow older, but not up. The 55-and-better communities include single-family, villa and cottage homes, and feature walkable neighborhoods, golf cart friendly streets, lively Town Center and Town Square with bandshell for live music and dancing; resort-style Paradise Pool with beach entry, cabanas, tiki huts and poolside Changes in Attitude bar; tennis, pickleball and bocce ball courts; state-of-the-art Fins Up Fitness Center with aerobics studio, indoor lap pool, spa, fitness classes and wellness programs; Workin' N' Playin' Center, Coconut Telegraph Business Center, Latitude Bar & Chill Restaurant; Last Mango Theater for dances and banquets; The Hangar workshop for golf cart tune ups; even a Barkaritaville Pet Spa and Dog Park and much more. Ranked the nation's most popular active adult community of 2018 by 55Places.com, and 2019’s Best 55+ Community of the Year by the National Association of Home Builders, Latitude Margaritaville communities are now open in Daytona Beach, Florida, near Hilton Head, South Carolina, and in Watersound, Florida located on the Emerald Coast in Florida's Panhandle. Additional Latitude Margaritaville communities are planned for some of the nation's most popular destinations.