The St. Joe Company (NYSE: JOE) (“St. Joe”) and Watercrest Senior Living Group, LLC (“Watercrest”) today announced their intent to pursue formation of a joint venture to construct and own a new assisted living and memory care community in Santa Rosa Beach, FL. The community is currently expected to consist of 107 units, which includes 75 units dedicated to assisted living and 32 units for memory care. The new senior living community will be located off West Hewett Road, near Highway 98 and the west end of Highway 30A, on St. Joe land. The parties expect that while St. Joe will be the majority owner in the project, Watercrest will manage community operations. Watercrest communities are known for featuring premium accommodations and exceptional amenities and world-class care. Residents enjoy access to a wide array of resort-style amenities, which may include fine dining venues, pool, spa, wellness programming with aquatic therapy, and health education. Serving and enriching the lives of residents within Watercrest communities is a core belief and the foundation on which Watercrest has based its successful operation throughout the Southeastern US. This will be the first Watercrest facility in Northwest Florida. “We are honored to partner with The St. Joe Company to bring a luxury Watercrest senior living community to the Florida Panhandle,” said Marc Vorkapich, Principal and Chief Executive Officer of Watercrest. Mr. Vorkapich added, “We are excited to bring our company’s luxury aesthetic, world-class care and innovative programming to the region.” “We are excited to announce this senior living project with a best in class partner like Watercrest,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Mr. Gonzalez added, “Watercrest has a unique approach and platinum standards, which we believe truly set its communities apart. We look forward to forming a great partnership and serving the growing demand of senior care in Northwest Florida.” Construction of the new Watercrest community is expected to begin in 2019, and the parties anticipate welcoming new residents by the end of 2020.