The St. Joe Company Reaches Agreement With Miraval To Create Miraval Village At Windmark Beach

Jacksonville, Florida – (May 1, 2007) – The St. Joe Company (NYSE: JOE) announced today it has signed an agreement with Miraval Holding LLC to jointly design, develop and operate Miraval Village at WindMark Beach, which will be the next incarnation of Miraval's acclaimed, signature experiences in an inspired town and resort destination. Separately, Exclusive Resorts, the world's largest luxury destination club, plans to purchase 30 home sites at JOE's WindMark Beach and its Southern Accents Home. Exclusive Resorts intends to build luxury residences and offer its members privileges and access to the amenities and programs in the planned Miraval Village at WindMark Beach. The companies will announce more detailed information on their respective plans later this year.

Planned along nearly four miles of one of Florida's most beautiful beachfronts, WindMark Beach in Port St. Joe, Florida, is a planned resort town on approximately 2,000 acres. JOE broke ground on the present phase of the new town in June of 2005.

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.

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, 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