The St. Joe Company (NYSE: JOE) (“St. Joe”) late Wednesday announced the commencement of development of the first 126 home sites on approximately 43 acres in the College Station community in Watersound, Florida and the execution of a contract to sell 33 home sites to home builder Structure, LLC (“Structure”).

These home sites are located within St. Joe’s previously-announced development in the area known as Brannonville east of U.S. Highway 231 in Eastern Bay County, Florida. Structure intends to start construction of new single-family homes once development work is complete in early 2020.

Adobe Stock/Maksim Pasko

“This new residential community is one of several that were a part of St. Joe’s long-term development plans that have been accelerated in response to the housing shortage created by Hurricane Michael,” said Jorge Gonzalez, president and CEO for St. Joe. “We are very pleased to announce the commencement of development of this new community and this contract with Structure for the first 33 home sites. We anticipate the first phase of home sites will be completed in early 2020 and the first homes under construction soon thereafter.”

Structure, a Panama City, Florida-based home builder, intends to construct single-family homes that are priced to meet the needs of the area. “We are looking forward to building these new homes here in Bay County,” said Cameron Skinner, President of Structure, LLC. “This is our home market and we are very pleased to bring new housing to the Brannonville area.”

Plans for the development call for a large-scale, multi-phase community on approximately 592 acres. “This contract with Structure for the first 33 home sites marks the first such home builder relationship in the College Station community,” said Bridget Precise, SVP, residential real estate. “We are actively in discussions with builders that have expressed an interest in this new community and welcome additional home builders as the build-out of this community continues.”

Earlier this month St. Joe announced its intent to develop Park Place, a residential community to be developed on land owned by St. Joe in Callaway, Florida, as well as an LOI for the sales of the first 51 home sites in that community to Truland Homes. The Park Place community is being planned for more than 300 homes on approximately 165 acres. “St. Joe is committed to contributing to a prosperous Bay County,” Gonzalez added.