St. Joe acquires marina in Panhandle

Discussion in 'Real Estate' started by 00seer00, Apr 26, 2007.

  1. 00seer00

    00seer00 Beach Lover

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    Whats the real story behind this? Package land sales with boat slips? Something to do with Steve Case and his Company? Surely not for the cash flow.
     
  2. SHELLY

    SHELLY SoWal Insider

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    Disney by the Sea??

    .
     
  3. TooFarTampa

    TooFarTampa SoWal Insider

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    Native of Tampa now in Boston 'burbs. Left my hear
    A number of old marinas in FL have been bought by development companies ... there is this movement called "dockominium" construction. :roll: :roll: Basically the older marinas are turned into new developments with boat slips for sale and sometimes private clubs attached. Boat slip owners pay outrageous prices ($100K and up!) for ownership of a slip then turn around and rent them out to the same people renting there before ... for a lot more money.

    Not sure how these "investments" are doing but the demand for places to keep boats has definitely risen since there are now 1) more boats and 2) less places to put them since some old marinas have been replaced by residential condo developments.

    Maybe St. Joe will try to redevelop this marina? :dunno:

    dockominium :bang:
     
  4. 00seer00

    00seer00 Beach Lover

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    You should not start rumors like that, you know there is not much land at Bay Point Marina.
     
  5. jimmyp5

    jimmyp5 Beach Lover

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    The St. Joe Company


    St. Joe Media Contact: Jerry M. Ray
    904 301.4430 245 Riverside Avenue
    jray@joe.com Suite 500
    St. Joe Investor Contact: Mike Daly Jacksonville, FL 32202
    904.301.4302 904.301.4200
    mdaly@joe.com


    FOR IMMEDIATE RELEASE

    THE ST. JOE COMPANY (NYSE: JOE) COMPLETES PURCHASE OF BAY POINT MARINA IN BAY COUNTY, FLORIDA

    Jacksonville, Florida ? (April 25, 2007) ? The St. Joe Company (NYSE: JOE) announced today that it completed the purchase of Bay Point Marina in Bay County near Panama City Beach, Florida from Bay Point Marina Company.

    Under the terms of the agreement, JOE invested $9.8 million for the acquisition. Subject to permitting, JOE intends to expand and improve the marina over the next two years.

    The marina, located in the heart of the Bay Point Resort, is one of the largest and most successful marinas in Northwest Florida. This marina inspired the creation of the nationally recognized Clean Marina Program administered by the Florida Department of Environmental Protection that recognizes marinas that demonstrate a continued commitment to protecting the water and marine life. As currently configured, the Bay Point Marina has 136 slips and can accommodate yachts up to 120 feet in length.

    In addition to the purchase transaction, the agreement creates a strategic alliance between JOE and Flautt-Cornerstone Bay Point, LLC, owners of the adjacent Bay Point Resort. Under the terms of the alliance agreement, some JOE property owners could potentially have access to a range of amenities at the Bay Point Resort.

    ?The acquisition of the Bay Point Marina could allow JOE to make available much sought-after amenities to property owners in select JOE communities that we expect could become a significant differentiator in the real estate marketplace,? said Peter S. Rummell, chairman and CEO of JOE. ?This strategic opportunity fits well with our broader regional strategy to provide access to Northwest Florida?s extraordinary natural assets.?

    ?Our mission is to make this region an even better place to live, work and play,? said Tom Morgan, JOE?s president for the West Florida region. ?We want to continue to work with Flautt-Cornerstone to further leverage their significant capital improvements in the Bay Point Resort. We also intend to work with local officials in expanding and clarifying the marina?s mission. In addition, we intend to continue one of Northwest Florida?s more important fishing traditions, the Bay Point Invitational Billfish
    Tournament. Our objective is to create an upgraded marina experience with a new standard of stewardship.?

    ?St. Joe is committed to doing things right, so we know the marina is in good hands,? said Buddy Runnels, Jr., vice-chairman of Flautt-Cornerstone and chairman of The Sterling Companies. ?St. Joe has the vision and capability to further enhance the marina, and we believe their acquisition of the Bay Point Marina will benefit the marina, the environment, its users and the region.?

    JOE also owns and operates the Port St. Joe Marina in Port St. Joe, Florida on St. Joseph Bay. The Port St. Joe facility features 120 wet slips and 79 boats in dry storage with easy access to the Gulf of Mexico and the Intracoastal Waterway. Coastal Marina Management, headed by Scott Burt, will manage both facilities.

    About Flautt-Cornerstone Bay Point

    Flautt-Cornerstone Bay Point, LLC is a joint venture between Sandcastle Resorts & Hotels Inc., based in Destin, Florida, and Cornerstone Development Group (now known as Sterling Development) based in Destin, Florida.

    Sandcastle has developed and/or owned and operated more than 40 hotels in the United States and currently developed and operates the most profitable Hilton franchise in the United States, The Hilton Sandestin Beach Golf Resort & Spa, in Sandestin, Florida.

    The Sterling Companies, Northwest Florida?s only fully-integrated resort development, sales and management firm, is part-owner of the Bay Point Resort near Panama City Beach. The company also operates The Sterling Club at Bay Point, an exclusive guest membership program that offers Sterling Resorts? guests preferred rates and access to the resort?s numerous amenities, including two championship golf courses, the 11,000 square-foot Serenity at bay point spa, as well as a 356-room Marriott and conference center with 40,000 square feet of meeting and event space.

    For more information, visit www.sandcastlehotels.com.

    Cornerstone Development Group, now known as Sterling Development and part of The Sterling Companies, is the developer and owner of Kelly Plantation and its award-winning Fred Couples championship course, located in Destin. Cornerstone has been involved in more than 50 real estate and resort development projects in the United States.

    For more information, visit www.thesterlingco.com.

    About The St. Joe Company

    The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE?s Florida an even better place to live, work and play. We're no ordinary JOE.

    More information about JOE can be found at our web site at www.joe.com.
     
  6. Camp Creek Kid

    Camp Creek Kid Christini Zambini

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    I will add this to the speculation: I do know that as of last summer, the Bay Pointe Resort was not seen favorably in the eyes of Mariott Corp. Bay Pointe was about to lose its Mariott franchise--this has been going on for several years.
     
  7. SHELLY

    SHELLY SoWal Insider

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    Minnie-Disney by the Sea??

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  8. egrp

    egrp Beach Lover

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    JOE stock up pretty good today...don't know if it was this specific news, but acquisition makes sense to me.
     
  9. 2bfabian

    2bfabian Banned

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    All I know is it can't hurt me. Now build us our bridge and let us fish and we will all be happy over here.:clap_1:
     
  10. 00seer00

    00seer00 Beach Lover

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    St Joe and Steve Case
    Tuesday, May 1, 2007

    Miraval at WindMark Beach


    In a little noticed press release, the St. Joe Company announced on May 1 that it had reached an agreement with Miraval to create Miraval Village at WindMark Beach in Gulf County.

    And in a related deal, Exclusive Resorts agreed to purchase 30 lots at WindMark Beach too.

    Just another real estate deal by Northwest Florida?s largest private landowner, right?

    I think not. In fact, this could potentially be the most important news to come out of Port St. Joe since they had the state constitution convention there in 1838.

    This could be a game-changer.

    Miraval and Exclusive Resorts are two of the companies now guided by America Online (AOL) founder Steve Case. Case built AOL from the ground up, then sold it to Time Warner at the height of the Internet boom. In 2003 he was forced out at Time Warner, but he didn?t walk away from business.

    For the past several years, Case?s been trying to figure out how to revolutionize the health care and health and wellness industries in this country.

    He bought a majority stake in Miraval, an Arizona-based health and wellness company. MSNBC said: ?In just 10 years it has become one of the best known names in the multi-billion dollar spa and wellness business.?

    And here?s what BusinessWeek said in 2005.

    And now we know Case is planning to establish a significant presence at WindMark Beach. That?s a big deal, potentially positioning Gulf County as a major player in health and wellness, one of the fastest growing sectors of the economy.

    This is good news for Gulf County and all Northwest Florida ? and a story worth following.
     
  11. Lisa Ruby

    Lisa Ruby Beach Fanatic

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    That's pretty amazing news. I couldn't get the links to work, but thanks for sharing the information!
     

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