JOE - St. Joe up 3% post-market on new community project in Panama City

The St. Joe (JOE) announces plans to develop and construct a new 240-unit apartment community in Panama City, Florida. Plans call for project to be based on diversified model with one-bedroom, two-bedroom and three-bedroom townhome-style apartments. In total, the community will feature nine three-story apartment buildings, four two-story townhome buildings and a separate one-story clubhouse."This location is along the growing State Road 231 corridor in Panama City and is approximately one mile from the neighborhood’s elementary and middle schools and is a convenient drive to Tyndall Air Force Base," notes Dan Velazquez, Senior VP of Commercial Real Estate for St. Joe.This project will be the company's fourth apartment community in Northwest Florida since 2018 for a total of 1,177 apartment units.St. Joe intends to break ground on the project in Nov. 2020 with units projected to be available for lease in early 2022.Stock up 2.95% AH.

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St. Joe up 3% post-market on new community project in Panama City