The St. Joe Company (NYSE:JOE), one of Florida's largest real estate development companies, and Haven Custom Homes, Inc., one of the nation's leading manufacturers of precision-built modular homes, announced today the creation of a strategic alliance to bring state-of-the-art building techniques to JOE communities. Under the terms of the alliance, JOE and Haven Custom Homes are exploring homebuilding opportunities in JOE's communities in Northwest Florida and at JOE's RiverTown near Jacksonville, FL.
JOE, Haven Custom Homes and
"We are very pleased to form an alliance with Haven Custom Homes, one of the nation's acknowledged leaders in state-of-the-art precision-building techniques," said JOE chairman and CEO Peter S. Rummell. "They have a proven track record delivering the highest quality custom-built homes in very discerning markets, such as Hilton Head and on Long Island. Customers in JOE communities will be very impressed with the quality, flexibility and efficiency of Haven Custom Homes' approach to homebuilding."
"We are very excited to be working with The St. Joe Company, and inFlorida," said Haven Custom Homes President and CEO Jerry Smalley. "St. Joe has created a new paradigm for environmentally-sensitive, master-planned place making. We bring to the market a complimentary home product that combines great design with environmentally-sensitive, cost-effective construction technology. We see tremendous opportunity in Northwest Florida and at RiverTown, as consumers become morefamiliar with our precision-built custom homes and living in some of America's great places."
In 2006, JOE announced that it was exiting the homebuilding business to focus on master-planning, entitlements and place-making. As a result, JOE is establishing strategic relationships with leading homebuilders to bring a wide range of consumer choices to JOE's Florida. As a leading modular builder, Haven Custom Homes is implementing new homebuilding technology to produce architecturally-designed custom homes ready for occupancy in as little as 90 days. Using these complimentary competencies, the two companies will bring cutting-edge real estate development and homebuilding to JOE's Florida.
Haven Custom Homes is a leading manufacturer of custom homes. Built in a climate-controlled factory and then shipped to the home site, our homes are known for their design, superior structural engineering, and quality craftsmanship. The efficiencies of a factory-built product allows Haven Custom Homes to deliver custom homes much faster than a conventional homebuilder. Our homes are found in some of the most prestigious and architecturally demanding communities along the East Coast including the Hamptons, Block Island, Fishers Island, Greenbrier, Hilton Head, Charleston, Savannah and WaterSound, Florida. The company is headquartered in Baltimore, Maryland and is a portfolio company of Wind River Holdings located in King of Prussia, Pennsylvania.
More information about Haven Custom Homes can be found at its web site,www.havenhomes.com.
The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. Our mission is to create places that inspire people and make JOE's Florida an even better place to live, work and play. We're no ordinary JOE.
More information about JOE can be found at its web site,www.joe.com.
Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2006.