The St. Joe Company Introduces ``FloridaWild;'' Land Parcels of 40 Acres and More, Ideal for Outdoor Enthusiasts and Conservationists

Business Wire, March 3, 2006

TALLAHASSEE, Fla. -- The St. Joe Company (NYSE:JOE) today announced the launch of FloridaWild, making environmentally unique parcels available for sale throughout Northwest Florida.

Described as "unspoiled, untamed and unforgettable," FloridaWild will offer parcels ranging from 40 to several thousand acres. Much of the property - which hasn't changed significantly during the last century - is adjacent to or near easily accessible public land, including wildlife management areas, national forests and state parks.

"This is land for people who love nature, who believe that the best of the environment should be saved and want to create a family legacy that can be passed to future generations unchanged, unspoiled, and naturally beautiful," said Everitt Drew, president of St. Joe Land Company.

FloridaWild properties, many adjacent to protected conservation areas, are expected to appeal to environmentally conscious buyers who want to protect and enhance Northwest Florida's environmental heritage. JOE has also sold conservation land to federal, state and local governments which are also potential buyers of FloridaWild land. FloridaWild property owners are expected to use their land for a variety of outdoor activities, including fishing, hiking, hunting and bird and wildlife watching. JOE has a team of experts that can help buyers understand the land, including wildlife biologists, land managers, and foresters. Prices will generally range from $2,500 to $9,500 per acre.

JOE's New Ruralism Product Line

FloridaWild is a new real estate offering falling under JOE's New Ruralism product line. As with other St. Joe Land properties, FloridaWild will offer buyers privacy, natural beauty and space in Florida's last frontier, yet within close driving distance to mid-sized metropolitan areas.

JOE has a wide variety of rural recreational land products designed for a wide range of customers. Other New Ruralism products include Woodlands, RiverCamps, WhiteFence Farms and Florida Ranches.

About JOE

The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies. It is engaged in town, resort, commercial and industrial development and land sales. JOE also has significant interests in timber.

More information about JOE can be found at our web site at http://www.joe.com.

Forward-Looking Statements

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. 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 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 various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2004.

Copyright 2006 by The St. Joe Company. "JOE," "St. Joe," "RiverCamps," "WhiteFence Farms," and "FloridaWild" are service marks of The St. Joe Company.