Expect JOE to reinvent itself as it becomes cash heavy, acquisitions such as the Arvida deal (not necessarily that direction) launched JOE into the development business bigger-time without the pangs and pains. As the years toll on, there will be regionally strong developers who have the infrastructures, market positions and raw land in areas south from most of JOE's holdings.
There is also the potential mix of placing debt and equity on properties that they have no development stake.
I'm not sure how the Arvida deal ever worked in JOE's favor. That was a lemon from day one.