The St. Joe Company (NYSE: JOE) late Thursday announced the commencement of development of Titus Park, a new residential community in Panama City, Florida.
Plans for the development of the Titus Park community call for a large scale, multi-phase community of up to 1,000 homesites on approximately 600 acres. The first phase will consist of 154 home sites.
St. Joe recently executed a contract with D.R. Horton to purchase the first 154 home sites. D.R. Horton intends to construct and sell single family homes that are scheduled to be available for purchase in 2020.
“We are very pleased to work with St. Joe at Titus Park,” said Scott Whitehurst, D.R. Horton’s Northern Gulf Coast Division president. “The homes that are planned for this new community will be built and priced to meet the needs of Bay County.”
Plans call for development of the first 154 home sites in the Titus Park community to be completed later in 2019.
“The Titus Park Community is one of several projects that St. Joe has accelerated in response to market conditions created by Hurricane Michael,” said Bridget Precise, SVP, Residential Real Estate for St. Joe. “We believe the current housing shortage that exists in Bay County makes now the right time to move forward with the Titus Park community and other residential projects to create new housing for the area.”
The Titus Park community marks the third residential development in Bay County that St. Joe has announced since May 2019. St. Joe is currently developing the Park Place community in Callaway, Florida on approximately 165 acres and the College Station community in the East Bay County area known as Brannonville is under development on approximately 592 acres.
The Titus Park community is one of at least 30 new residential, commercial or hospitality projects that St. Joe has or intends to initiate in 2019.