SouthWood Ranks First of Florida's 'Five New Urban Communities To Watch' By Florida Travel and Life Magazine TALLAHASSEE, Fla., July 6 /PRNewswire-FirstCall/ -- The St. Joe Company announced today that Florida Travel and Life magazine has selected SouthWood, a St. Joe Hometown, as the number one community among Florida's "Five New Urban Communities to Watch." Appearing as part of an article on planned communities in Florida in the publication's Spring 2005 issue, the story touts the unique charms of SouthWood, citing it as "a 3,200-acre traditional neighborhood development with 1,000 acres of parks, lakes and ponds amid trees and rolling green hills." "We are thrilled that SouthWood has been recognized among the best new urban communities in the state," says Rod Wilson, president of Northwest Florida for St. Joe's residential operations. "Families, young professionals, and retirees are recognizing the benefits of living in a community that offers a wealth of live, work, learn and play options." The magazine's top five list of "New Urban Communities to Watch" is below: 1. SouthWood, Tallahassee 2. Town of Tioga, Gainesville 3. Baldwin Park, Orlando 4. Botanica, Jupiter 5. Aqua, Miami Beach About SouthWood SouthWood offers 3,200 acres of graceful rolling hills lined with moss- draped oaks, which include a 123-acre Central Park and Lake and over 1,000 acres of community-wide interconnected green space. With the components of a small-town of the past, SouthWood is a mixed-use community where residents can live, learn, work and play. Built around a traditional commercial center known as Town Center, SouthWood will house specialty shops, restaurants, entertainment facilities, professional offices and residences. Twelve miles of walking trails and bike paths are planned throughout the community's green space. SouthWood offers a championship Fred Couples/Gene Bates-designed semiprivate golf course, a Community Center with pools, and an Education Village providing lifelong learning opportunities. For more information, visit http://www.joetowns.com/southwood. About St. Joe The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. It is engaged in town, resort, commercial and industrial development, land sales and commercial real estate services. JOE also has significant interests in timber. More information about JOE can be found at our web site at http://www.joe.com/. Forward-Looking Statements Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward- looking statements. Risk factors that may cause the actual results to differ are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2004. "JOE," "St. Joe," "SouthWood," and the "SouthWood Leaf" and "Taking Flight" designs are service marks of The St. Joe Company. All uses not yet constructed are subject to governmental approval and change in size, use, or location. DATASOURCE: The St. Joe Company CONTACT: St. Joe Media Contacts: Lori Elliott, +1-850-513-0131, or April Nichols, +1-212-620-7100, or Nicole Townsend, +1-850-224-3175, all for The St. Joe Company Web site: http://www.joe.com/ http://www.joetowns.com/southwood x

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