St. Joe announces they will develop Breakfast Point in Panama City Beach
If you know Florida you know St. Joe. They are the largest private land holder in Florida and at one point owned 1 million acres of timberland in Florida. In Northwest Florida the own some of the most pristine gulf front land on the coast and have developed world class communities such as WaterSound, WaterColor, RiverCamps and The Retreat.
St. Joe is developing a new master planned community in Panama City Beach which will be Phase 1 at Breakfast Point. This development includes 1,000 homesites with home target prices in the $200,000 to $300,000 price range. Phase I will be a 348-unit primary residential community and will sit near Breakfast Point Academy and the Breakfast Point Marketplace, which houses Publix, Home Depot and Dunkin' Donuts.
“This is the first phase, and we have been waiting for a while for the right time to develop,” said Bill McCalmont, St. Joe’s executive vice president and CFO. “It will take a number of years to build that out.”
Sales of developed lots to builders are expected to begin in 2011 with models open as early as the third quarter of 2011. Greene said he expects Breakfast Point to have success similar to the Hawks Landing development with profit margins in excess of 30 percent.
During St. Joe's earning call they also outlined details of increased development of the West Bay Sector Plan. More information on the West Bay Sector Plan can be found HERE.