St. Joe Sells Perico Asset

The St. Joe Company (JOE - Analyst Report), a publicly held operationally diverse real estate company, has recently sold its property in Perico Island, Florida for about $8 million to Minto Communities LLC, the U.S. subsidiary of the Canadian real estate company Minto Group Inc.
 
St. Joe had earlier halted work on the 684-unit residential condo project on the island as substantial units were not sold to warrant construction. Furthermore, St. Joe had also completed a corporate reorganization and exited the home building business during the third quarter of 2006. Consequently, the company decided to get rid of its Perico Island property. 

Initial infrastructure of the project has already been put in place, including a 32-acre man-made lake. The Minto Group plans to continue the development work on the island in 2010. Minto Communities had built approximately 19,000 homes across Southeast Florida and the recent acquisition is the largest of its kind in the West Coast region.
 
Based in Jacksonville, St. Joe is one of Florida’s largest real estate developers and owns approximately 49,000 acres of land that allow for the development of 46,500 residential units and over 14 million square feet of commercial uses. In addition, the company is also engaged in timber operations on vast tracts of rural land.