Southern Accents Readers Select St. Joe’s WaterColor Inn and Resort Among The Nation’s Best Destinations

WaterColor Marks Its Third Anniversary as Top Luxury Resort Along Florida’s Gulf Coast

SANTA ROSA BEACH, Fla., March 8 /PRNewswire-FirstCall/ — 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:

1. Disney World Florida
2. The Cloisters and Sea Island
3. WaterColor Inn and Resort
4. Biltmore Estate
5. Grove Park Inn Resort
6. Greenbrier
7. Sandestin
8. Kiawah Island
9. Seaside
10. 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 http://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 http://www.joe.com/.

“JOE,” “St. Joe,” “WaterColor,” and the”WaterColor Triple Bar” and the “Taking Flight” designs are service marks of The St. Joe Company.

Forward-Looking Statements

Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2003.

Web Sites: http://www.watercolorflorida.com

http://www.joe.com

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