JV Plans Estimated $100M Mixed-Use Project for Port St. Joe

The Gulf of Mexico development site on land housing the former 61-year-old Port St. Joe paper mill in Gulf County is about 480 miles northwest of Downtown Orlando and about 280 miles southwest of Jacksonville. The mill opened in 1938 and closed in 1999. The demolition and cleanup of the mill and its site was completed last year. The redevelopment has been planned for the past two years.

Paving the way for the project was Port St. Joe's city commission approval of the developers' rezoning request for a mix of residential and commercial components on the site. On the drawing boards are 600 apartment units facing St. Josephs Bay, 350,000 sf of retail space, 150,000 sf of office, a 150-room hotel, a town hall and wet and dry boat slips.

Port St. Joe elected officials have also approved the annexation of St. Joe Co.'s WindMark Beach into the City of Port St. Joe whose total land area prior to the annexation was only 3.3 square miles. WindMark Beach is a planned beachfront resort destination with 1,662 residential units on 2,020 acres.

"This is an historic day for Port St. Joe, the city from which we take our name," St. Joe Co. chairman and CEO Peter S. Rummell says in a prepared statement. "For the better part of 50 years, this town was the heart and soul of the St. Joe Co. We are very proud to have the opportunity to work with Port St. Joe's community leaders toward revitalizing this town." Rummell adds, "Port St. Joe has tremendous character."

Port St. Joe city commissioner John Reeves agrees. "Port St. Joe has had a colorful past," Reeves says. "Over the past 200 years, a resilient Port St. Joe has risen and fallen several times. It was the site of the first Florida Constitution Convention. But its past pales when compared to its future." Adds Reeves, "Now Port St. Joe is on the rise again.

St. Joe Co. and Smurfit-Stone formed their joint venture in early 2004. Smurfit-Stone owns 126 acres of the 166-acre development site. St. Joe owns 40 acres. The joint venture formally acquired the entire 166-acre site. St. Joe and Smurfit-Stone are publicly held companies.