St. Joe to build 217-unit apartment complex on 20 acres on the north side of Hwy 98 just east of WaterSound Parkway at WaterSound Origins. The project is approved by Walton County Planning Department.
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The St. Joe Company (NYSE: JOE) (St. Joe) and HomeCorp announced today the formation of a joint venture to develop, manage and lease apartments in Watersound, Florida. This is the second joint venture between the two companies. The first was established to develop and construct Pier Park Crossings, an apartment community in Panama City Beach, Florida which is currently under construction and expected to start leasing in the spring of 2019.
“HomeCorp is pleased to continue our relationship with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Watersound market,” stated Herbert Scheuer, Principal of HomeCorp. Scheuer added, “We believe there is strong demand for luxury apartments in Northwest Florida.”
“We’re excited to again join forces with HomeCorp and take advantage of its proven track record of successful apartment development and strong leasing experience,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, “This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties and meet market demand in Northwest Florida.”
The parties are working together to design, develop and construct Origins Crossings, a proposed 217 unit multi-family apartment home community to be located on land owned by St. Joe near the entrance to the Watersound Origins community. HomeCorp will serve as the construction and leasing manager for the project. Site development and construction are expected to begin later in 2019 with apartment homes being available for lease in 2020.
“HomeCorp is pleased to continue our relationship with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Watersound market,” stated Herbert Scheuer, Principal of HomeCorp. Scheuer added, “We believe there is strong demand for luxury apartments in Northwest Florida.”
“We’re excited to again join forces with HomeCorp and take advantage of its proven track record of successful apartment development and strong leasing experience,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, “This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties and meet market demand in Northwest Florida.”
The parties are working together to design, develop and construct Origins Crossings, a proposed 217 unit multi-family apartment home community to be located on land owned by St. Joe near the entrance to the Watersound Origins community. HomeCorp will serve as the construction and leasing manager for the project. Site development and construction are expected to begin later in 2019 with apartment homes being available for lease in 2020.
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