This is a St. Joe press release. I thought it was pretty impressive. Seaside at no. 9 must be stinging. SOUTHERN ACCENTS READERS SELECT ST. JOE'S WATERCOLOR INN and RESORT AMONG THE NATION'S BEST DESTINATIONS Santa Rosa Beach, FL -- March 22, 2005 The St. Joe Company (NYSE: JOE) announced today that the WaterColor Inn and Resort has been selected by readers of Southern Accents magazine as their third favorite resort destination, behind only Disney World and The Cloisters at Sea Island. WaterColor is the only resort destination built in the last decade to make the list. According to the article published in the March/April 2005 issue of Southern Accents, "The WaterColor Inn and Resort marks its third anniversary in March, yet it has already built a stellar reputation among travelers . a contemporary luxury resort that provides outstanding service in a venue that feeds the growing public appetite for memorable design." More than 13,000 readers of Southern Accents voted for their favorite resort destinations. The top ten list of resorts included in the publication's 2005 Reader Travel Awards is below: Disney World Florida The Cloisters and Sea Island WaterColor Inn and Resort Biltmore Estate Grove Park Inn Resort Greenbrier Sandestin Kiawah Island Seaside The Breakers "We are thrilled that the WaterColor Inn and Resort has become recognized as a favorite destination by the readers of one of America's most respected design and lifestyle magazines," says Rod Wilson, president of St. Joe's residential operations for West Florida, developer of WaterColor. "After only three short years in business, we're proud to be ranked among the more established icons of the hospitality industry." Additional accolades that the WaterColor Inn and Resort has earned include: WaterColor Tennis Center - Tennis Facility of the Year, American Sports Builders Association, 2005 Fish Out Of Water at WaterColor - World's Top Eight Romantic Restaurants, Delta Sky magazine, 2005; Golden Spoon Award, Florida Trend magazine 2005 Award of Excellence for Design, Urban Land Institute, 2004 Camp Creek Golf Club - Best New Florida Golf Course, Travel + Leisure Golf, 2004 Seagrove Beach at WaterColor - Top Five Beaches for Families, USA Today, 2003; Third Best Beaches in U.S., National Geographic Traveler/Yahoo! Travel, 2003 ### About WaterColor WaterColor is a 499-acre Southern coastal resort and residential community in Northwest Florida, directly on the Gulf of Mexico, adjacent to the acclaimed Grayton Beach State Recreation Area along south Walton County's Scenic Highway 30A. It is being developed by The St. Joe Company. At full build-out, the community is planned to include 1,140 residences; BeachClub; tennis club; BoatHouse; 60-room inn; commercial space; dune walkovers and boardwalks and a lakefront park. Nearly half the site is being devoted to open space and preservation areas. Master-planned by Cooper, Robertson and Partners, a New York-based architectural firm, WaterColor won one of eight community design awards bestowed by the American Institute of Architects in 2002. For more information, visit www.watercolorflorida.com The WaterColor Inn is a member of "Small Luxury Hotels and Resorts of the World." 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 online at www.joe.com.