Market Overview

The St. Joe Company and Kolter Homes Announce Plans for a New 466 Home Development within the Watersound Origins Community

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The St. Joe Company (NYSE:JOE) ("St. Joe"), The Watersound Company,
LLC, a subsidiary of St. Joe ("Watersound"), and Kolter Acquisitions
LLC, a subsidiary of Kolter Homes, LLC ("Kolter") today announced plans
to create a new home development within the Watersound Origins
community. Watersound and Kolter have entered into a definitive
long-term contractual agreement whereby Watersound will develop 40', 50'
and 60' wide finished lots for Kolter in multiple phases.

Watersound Origins' newest community will consist of approximately 466
single-family detached homes to be constructed by Kolter in its own
gated section of the Origins community. This will be Kolter's second
large scale development in the region and is planned to include a new
community clubhouse, a pool and sport courts. Lot construction is
expected to begin in 2019 with homes being available for sale in 2020.

"This long-term agreement is a prime example of St. Joe's focus on
developing scalable residential communities. We look forward to working
with Kolter to diversify the product offering and meet the growing
demand within our Watersound Origins community," said Bridget Precise,
Vice President of Residential Development at St. Joe. "Kolter's history
of success makes it an ideal fit to be our newest builder partner at
Origins."

"St. Joe's commitment to providing successful, quality developments for
the residents of Northwest Florida attracted Kolter to the Watersound
Origins community," said Jim Traxinger, Florida Area President of Kolter
Homes. "Building on the success we've achieved in this market with
NatureWalk at Seagrove, we are excited about this new opportunity to
deliver a quality product with an exceptional value for the residents of
the Watersound Origins community."

In addition to the planned Kolter development, Origins currently has 240
existing homes, 27 homes under construction and 51 available homesites.
In the Stillwater neighborhood, Origins also has approximately 360
homesites of various sizes under development for builder partners,
including Huff Homes, Romair Construction and Dune Construction. With
new product offerings starting below $400,000, Stillwater will soon open
for reservations. Stillwater will feature the trails, parks, and natural
areas that Origins has become known for and make it a special place to
call home. For more information about the Watersound Origins community,
please visit the sales center located within the community or visit us
at www.joe.com.

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 the parties' plans to develop 466 new single family detached
homes constructed by Kolter in their own gated subdivision to include a
new community clubhouse, a pool and sport courts, expected timing of lot
development and home construction and sale in the Kolter neighborhood,
and statements regarding expected timing for opening of reservations in
the Stillwater neighborhood. 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 successfully complete the proposed new
phase of Watersound Origins and the new homes, and (2) the interest of
prospective buyers for the new homes in the Watersound Origins community.

About Watersound Origins

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 Kolter Homes

Kolter Homes brings nearly three decades of experience in homebuilding
to its master planned communities through Florida, Georgia and the
Carolinas. Kolter Homes' seven Cresswind active adult branded
communities are nationally recognized and located across Florida,
Georgia, North Carolina and South Carolina. Additionally, Kolter Homes
develops and builds single family & townhome communities in Florida and
South Carolina. www.kolterhomes.com

About Kolter

Kolter Homes is a division of the Kolter Group, a diversified real
estate development and investment firm that has invested in projects
with expected value in excess of $10 billion. Headquartered in Palm
Beach County, Florida, Kolter is currently developing in over 30
locations throughout the southeastern United States. www.thekoltergroup.com

©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
are service marks of The St.
Joe Company or its affiliates.

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