A significant portion of what remains consist of virtual swamp land. Have you been to the airport? Not only is Joe competing with the Airport Authority for users (on land which Joe donated to the AA), but Joe is also leasing back some of the same land they donated. I can't see any reason why anyone would develop commercial uses around the airport.
Hotel? Why? Simply not enough traffic and why would you stay at the airport? Distribution companies? Why locate here? Ingress and egress is poor and you are too far away from major roads or a port. There would be no reason to haul goods into and out of the airport area.
Read the report. It is very detailed and well researched.
Now is the time for St. Joe to buy back as much as their stock as possible and consider quietly restructuring.
I can't see any reason why anyone would develop commercial uses around the airport.