The St. Joe Company (NYSE: JOE) on Thursday announced its plan to develop Park Place, a new residential community in Callaway, Florida, on the state's Panhandle near Panama City.

Plans for the community call for more than 300 home sites on approximately 165 acres of land.

“The Park Place community has been in St. Joe’s long term development plan,” said Bridget Precise, SVP, residential real estate for St. Joe. “With the need for housing in Bay County following Hurricane Michael, we believe that this is the right time to accelerate this project.”

St. Joe recently executed a letter of intent to sell the first 51 home sites in the Park Place community to Truland Homes. This will be the Alabama-based home builder’s first major project in Bay County. Truland Homes intends to construct and sell single family homes that are scheduled to be completed in 2020.

“We are very pleased to work with St. Joe at Park Place,” said Jeff Wayne, Gulf Coast East Division president for Truland Homes. “We are in this market for the long haul and are committed to being a partner in the community. The homes that are planned for this new community will be built and priced to meet the needs of Bay County.”

Plans call for home-site development to be completed later in 2019.