Market Overview

St. Joe and Sacred Heart Announce Plans for a New Healthcare Facility at the Watersound Origins Community

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The Watersound Origins community will soon welcome a new partner
offering healthcare services. Commercial Real Estate Development, LLC, a
subsidiary of The St. Joe Company ("St. Joe") and Sacred Heart Health
System ("Sacred Heart"), a leading provider of high quality healthcare
to children and adults in Northwest Florida, have entered into a lease
for construction of a new healthcare facility at the entrance of the
Watersound Origins community.

The new healthcare facility, conveniently located along Highway 98,
initially plans to open as a 6,700 square foot multi-specialty
ambulatory clinic offering primary care and OB/GYN services. Plans for
the healthcare facility would allow for future expansion to 13,000
square feet of space offering additional specialty care services.

Design collaboration is currently underway between the parties with the
expectation that construction of the facility will begin this Fall, with
an estimated completion date in 2019.

"This new facility supports our mission to offer residents of our
community convenient access to expert healthcare covering a wide range
of needs," said Roger Hall, President of Sacred Heart Hospital on the
Emerald Coast. "Offering quality services at a convenient location is a
priority for Sacred Heart."

"We are pleased to continue our relationship with Sacred Heart to
provide quality and accessible healthcare services to Watersound Origins
homeowners and the residents of South Walton County," said Jorge
Gonzalez, President & Chief Executive Officer of St. Joe. "This new
facility is only the beginning of a much larger plan to meet the
expected commercial needs of the residents in the Watersound community."

Future commercial activity planned at the Watersound Origins community
includes retail, restaurant, and office space. For more information
regarding the Watersound Origins commercial opportunities and other St.
Joe commercial opportunities, contact Jordan Rosenau, St. Joe Sales &
Leasing Manager, at 850.231.6430.

Important Notice Regarding Forward-Looking
Statements

This press release contains "forward-looking statements," within the
meaning of Section 21E of the Exchange Act, including statements
regarding plans to construct and operate a new healthcare facility as
well as future commercial activity at the Watersound Origins community.
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 Second Quarter Report on Form 10-Q filed
with the SEC on August 1, 2018 as updated by subsequent current report
filings, as well as the following: (1) the ability of the parties to
mutually agree on details related to the proposed healthcare facility,
(2) the ability of St. Joe to successfully complete the proposed
facility and future commercial facilities, and (3) the interest of
prospective users for future commercial activity planned at the
Watersound Origins community.

About the Watersound Origins community:

The
Watersound Origins community
offers year-round, vacation-style
living. Thoughtfully planned neighborhoods embrace the unique
environmental resources of the land at a distinct value. Tucked away
amongst nature, less than three miles from the pristine South Walton
beaches and the excitement of Northwest Florida's Scenic Highway 30A,
the Watersound Origins community provides a coastal lifestyle—making it
a place for families to connect and grow, as well as a haven for those
dreaming of a new chapter in their lives. With access to standout
amenities and features such as the Watersound Café, the pool at Village
Commons, hiking trails, Origins Golf Course, a fitness center, and a
multitude of outdoor activities, the community provides an active,
coastal lifestyle. More information can be found on the website at www.joe.com.

About The St. Joe Company:

The St. Joe Company, together with its consolidated subsidiaries, is a
real estate developer and manager. The Company owns land concentrated
primarily in Northwest Florida and has significant residential and
commercial land-use entitlements in hand or in process. 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 Sacred Heart Health System:

In Florida, Ascension operates Sacred Heart based in Pensacola and St.
Vincent's HealthCare based in Jacksonville. Together, Ascension operates
seven hospitals and more than 100 other sites of care, and they employ
more than 10,000 associates. Across the region, Sacred Heart and St.
Vincent's have served North Florida communities for more than 145 years.
In fiscal year 2017, they provided $168 million in community benefit and
care of persons living in poverty. Ascension (www.ascension.org)
is a faith-based healthcare organization dedicated to transformation
through innovation across the continuum of care. As the largest
non-profit health system in the U.S. and the world's largest Catholic
health system, Ascension is committed to delivering compassionate,
personalized care to all, with special attention to persons living in
poverty and those most vulnerable. Ascension includes approximately
165,000 associates and 34,000 aligned providers. Ascension's Healthcare
Division operates more than 2,600 sites of care – including 153
hospitals and more than 50 senior living facilities – in 22 states and
the District of Columbia. For more information on Sacred Heart Health
System, visit www.sacred-heart.org.

©The St Joe Company 2018. "St. Joe®", "JOE®",
the "Taking Flight" Design
®, "St. Joe (and
Taking Flight Design)
®", "Watersound®"
and "Watersound Origins
®" are registered
service marks
of The St. Joe Company or its affiliates.

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