St. Joe Gives Arvida New Name But Focus Remains

"This decision is part of the natural evolution of our business, reflecting the reality of the company we have become," Rummell says in a prepared statement. "This transition unifies our name and face to the world; gives us the ability to clarify our identity in the marketplace; and helps to achieve operating efficiencies."

Britt Greene, president of St. Joe Towns & Resorts adds, "Only the name will be changing. The creativity, customer focus and exacting standards we bring to every community remain the same. Our goal is to create authentic, original places people are proud to call home."

St. Joe Co. acquired assets in Arvida, one of Florida's most successful master-planned developers, in 1997. The legendary Arthur Vining Davis founded Arvida in 1958. Over the years, the company created 60 planned communities with 40,000 new homes and 30 golf courses in Florida, Georgia, Texas, California, South and North Carolina.