Master developer Minto Communities USA, global lifestyle brand
Margaritaville Holdings and The St. Joe Company (NYSE: JOE) (“St.
Joe”) have combined their resources to pursue the development of a
new LATITUDE MARGARITAVILLE active adult community in Florida’s
Panhandle region to be located in Bay County near Panama City Beach
and the scenic 30A corridor. The community is projected to open in
early 2020.
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The LATITUDE MARGARITAVILLE Watersound location is in the heart
of St. Joe’s Bay-Walton Sector Plan that is entitled for 170,000
homes. St. Joe owns approximately 15 miles of frontage on the
Intracoastal Waterway connecting West Bay with Choctawhatchee Bay
and it is expected that the community will receive the benefit from
the spectacular vistas and recreational opportunities.
LATITUDE MARGARITAVILLE Watersound is the third of the
communities to be developed. The first two LATITUDE MARGARITAVILLE
communities have opened in Daytona Beach, Florida and Hilton Head,
South Carolina.
According to St. Joe Company President and Chief Executive
Officer Jorge Gonzalez, “St. Joe is pleased to work together with
Minto and Margaritaville to offer the first active adult community
of this kind in our region. Minto has a solid record of successful
developments throughout the state of Florida and the southeastern
United States. Many factors set this community and our market apart
from others. The planned Latitude Margaritaville community property
is in close proximity to the Gulf of Mexico and the area’s gorgeous
white sand beaches, shopping and entertainment centers, as well as
the Northwest Florida Beaches International Airport.”
Minto’s Latitude Margaritaville Division President William
Bullock notes that LATITUDE MARGARITAVILLE communities have
experienced an overwhelming response from those seeking a unique
approach to active adult living. “There is nothing that compares to
the lifestyle of Latitude Margaritaville,” notes Bullock. “Minto is
proud to work with St. Joe and Margaritaville to bring Latitude
Margaritaville Watersound to this beautiful part of Florida. Our
audience has been asking for a Gulf of Mexico location, and this is
a perfect complement to our other coastal destinations in Daytona
Beach and Hilton Head.”
“We are thrilled to join our brand with Minto and St. Joe to
create a LATITUDE MARGARITAVILLE experience on Florida’s Gulf
Coast, an ideal complement to our other lifestyle communities in
Daytona Beach and Hilton Head,” added John Cohlan, chief
executive officer of Margaritaville. “Latitude Margaritaville
Watersound is the perfect destination for those looking to own
a piece of paradise in the panhandle while living a life of fun and
relaxation."
Important Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
including statements regarding Minto’s and St. Joe’s future intent
to enter into a joint venture, the anticipated success of that
joint venture and prospective interest in a Latitude Margaritaville
project in Bay County, as well as the growth potential of a
Latitude Margaritaville community in Bay County. Minto is
authorized to use the Latitude Margaritaville name by virtue of a
license agreement from Margaritaville. At this point, St. Joe and
Minto have not reached any sort of agreement, and the parties have
not entered into any definitive documentation with respect to the
joint venture, meaning that neither party is bound to move forward
at this stage. This press release is a disclosure of an intent of
Minto and St. Joe to pursue a joint venture and either party may
decide not to pursue the joint venture. These forward-looking
statements are qualified in their entirety by cautionary statements
and risk factors set forth in St. Joe’s filings with the SEC,
including its Annual Report on Form 10-K for the year ended
December 31, 2017, its Quarterly Report on Form 10-Q filed with the
SEC on May 2, 2018 as updated by subsequent current report filings,
as well as the following: (1) the ability of St. Joe and Minto to
mutually agree to a joint venture structure and joint venture
documents, (2) the ability of St. Joe and Minto to successfully
complete the proposed project, and (3) the continued interest of
prospective buyers of a Latitude Margaritaville project in Bay
County.
For more information on LATITUDE MARGARITAVILLE and to sign
up to receive regular development updates, visit
www.LatitudeMargaritaville.com. Follow Latitude
Margaritaville on Facebook at
www.facebook.com/LatitudeMargaritaville and on Twitter at
@LatitudeMville.
About Latitude
Margaritaville
Latitude Margaritaville is a new portfolio of active adult
communities developed by the global lifestyle brand Margaritaville
and master developer Minto Communities. Offering resort-style
amenities, Latitude Margaritaville is the ideal destination for
those looking to live the Margaritaville lifestyle as they grow
older, but not up. The communities will feature a resort-style
pool, fitness activities, game and hobby rooms, arts and learning
programs, live entertainment, signature Margaritaville food and
beverage concepts, and more. The 55-and-better communities are
currently under development in Daytona Beach, Florida, and Hilton
Head, South Carolina, with plans for additional locations in some
of the nation’s most popular destinations.
About Minto
Minto Communities, based in Florida since 1978, has represented
integrity, financial strength and enduring value for over 40 years.
Minto builds exceptional new homes and communities to meet every
lifestyle, with more than 25,000 new homes built in 46 communities.
Minto is dedicated to continuous improvement in design, quality and
customer experience. Applauded and recognized as an expert in
building active-adult communities, Minto was awarded “Best Floor
Plans for 50+” from Ideal-Living magazine. These are just some of
the elements that set Minto apart as an exceptional home builder
and community developer, and have earned the company national
recognition that includes consistently high rankings from Eliant
Customer Service Surveys. Minto has earned multiple national awards
for community and home design, including Best Mixed-Use Community
and Best Clubhouse from the National Association of Home Builders
(NAHB) for The Isles of Collier Preserve community in Naples,
Florida; and Best Clubhouse from NAHB for the Harbour Isle Beach
Club in Sarasota-Bradenton, Florida. For more information on Minto
Communities, visit www.mintousa.com.
About Margaritaville
Margaritaville is a global lifestyle brand inspired by the
lyrics and lifestyle of singer, songwriter and best-selling author
Jimmy Buffett, whose songs evoke a passion for tropical escape and
relaxation.
Margaritaville features 12 lodging locations with more than
20 additional projects in the pipeline, four gaming properties and
over 60 food and beverage venues including signature concepts such
as Margaritaville Restaurant, award-winning JWB Prime Steak and
Seafood, 5 o’Clock Somewhere Bar & Grill and LandShark Bar
& Grill. More than 20 million travelers every year change their
latitude and attitude with a visit to a Margaritaville resort,
residential real estate destination, vacation club, vacation home
rental or restaurant.
Consumers can also escape everyday through a collection of
Margaritaville lifestyle products including apparel, footwear,
frozen concoction makers, home décor and more. Additionally, the
brand’s food, beverage and spirits lines – including Margaritaville
tequilas, rums, LandShark Lager and a new bestselling cookbook –
deliver authentic, tropical escapism to fans around the world.
Margaritaville, a state of mind since 1977.
About St. Joe
St. Joe is a Northwest Florida based real estate
development, asset management and operating company established in
1936. The Company focuses on thoughtfully planned destinations and
thriving communities to Live, Work, Play, Shop, and Vacation near
the region's beautiful white sand beaches such as WaterColor,
WaterSound Beach, WaterSound Origins, WaterColor Inn, WaterSound
Beach Club, VentureCrossings, Breakfast Point, Pier Park North,
WindMark Beach, Camp Creek Golf Club, Bay Point Marina, among other
distinct brand names. More information
about St. Joe and our growing destinations and
communities can be found at www.joe.com. Check out beach conditions
at Joe’s WaterSound Beach webcam:
http://clubsbyjoe.com/beachcam
Editor’s Note: A selection of images and video of
Latitude Margaritaville communities can be found here:
https://www.dropbox.com/sh/kdnaozqgjmcaljm/AABCeo0Eohfb-rYi5_oJFo9xa?dl=0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180516006470/en/
Paula Robertson & Associates (for Minto)Paula Robertson,
239-454-1454Paula@prprUSA.comorHemsworth Communications (for
Margaritaville)Samantha Jacobs or Kayla Louttit,
954-716-7614Margaritaville@HemsworthCommunications.comorThe St. Joe
CompanyMarek Bakun, 866-417-7132Chief Financial
OfficerMarek.Bakun@joe.com
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