The St. Joe Company and Electric Cart Company, LLC Announce Joint Venture to Offer Golf Cart Sales at Two of St. Joe’s Lifestyle Malls

PANAMA CITY BEACH, Florida–(BUSINESS WIRE)–The St. Joe Company (NYSE: JOE) (“St. Joe”) and Electric Cart Company, LLC announce the formation of a joint venture to offer the sale of golf carts and low-speed vehicles (” LSV”) at two of the towns in St. Joe’s lifestyle malls. Plans include a sales and service point in Watersound® West Bay Center adjacent to the Latitude Margaritaville Watersound community in Panama City Beach, Florida and a retail showroom at Watersound® Downtown Santa Rosa Beach, Florida.

A full-service dealership of approximately 11,000 square feet is planned for Watersound West Bay Center, offering the sale and service of golf carts and LSVs. This lifestyle mall is being built next to the Latitude Margaritaville Watersound community. This active adult community, which welcomed its first residents in late 2021, is planned for 3,500 homes with multimodal connectivity to Watersound West Bay Center. In downtown Watersound, located at the entrance to the main planned Watersound Origins community, plans include a sales showroom. Both locations plan to offer a wide variety of golf carts and LSVs from manufacturers such as Club Car, Evolutions, Garia, GEM, Pilotcar EV, Moke of America, Star EV, Tomberlin and Yamaha, among others.

“Entering the golf cart and LSV business in our lifestyle shopping centers with an experienced partner like Electric Cart Company, LLC is consistent with our strategy of expanding our recurring revenue streams through the investments we are making already in our residential and commercial segments,” said Jorge Gonzalez, President and CEO of St. Joe’s.

“These locations are ideal for a golf cart and a LSV dealership,” said Dan Velazquez, senior vice president of commercial real estate for St. Joe. “Each of these lifestyle malls is planned with a golf cart and LSV connectivity to some of Northwest Florida’s fastest growing communities. In the Latitude Margaritaville Watersound community, residents will be able to drive their golf cart or LSV from home to the Watersound West Bay Center to shop and grab a bite to eat or visit the dealership for service and browse new vehicle inventory.

“Electric Cart Company, LLC, the largest street-legal golf cart dealership in the Southeastern United States, offers a wide variety of vehicles from the best manufacturers in the industry. Driving a golf cart or LSV to run errands, visit friends, or just get out and enjoy the fresh air is part of the lifestyle so many people seek here in Northwest Florida” , said Jon Waldrop, owner of Electric Cart Company, LLC. “With our years of experience, manufacturer relationships and these prime locations, we are well positioned to provide golf cart and LSV ownership to customers throughout the region for decades to come. »

The companies intend to open the Watersound West Bay Center dealership later in 2022 and the Watersound Town Center showroom in 2023.

Important notice regarding forward-looking statements

This press release contains “forward-looking statements,” as defined in Section 21E of the Exchange Act, including statements regarding the proposed golf cart and the LSV, Watersound West Bay Center and Watersound dealership and salesrooms. Town Center. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31. 2020 and subsequent filings as well as the following: (1) St. Joe’s ability to complete the proposed lifestyle shopping malls (2) the parties’ ability to complete and open the golf cart dealerships and showrooms and LSVs offered and (3) the interest of potential golf cart and LSV customers.

About the St. Joe Company

The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use the existing assets for residential, hotel and commercial projects. St. Joe has extensive residential and commercial land use rights. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. Further information about the company is available on its website at www.joe.com. The Company regularly broadcasts a video showing the progress of projects under development or under construction. See https://www.joe.com/video-gallery for more information.

About Electric Cart Company, LLC

Electric Cart Company, LLC is the largest dealer of street legal electric carts in the Southeastern United States. Representing as Club Car, Evolutions, Garia, GEM, Pilotcar EV, Moke of America, Star EV, Tomberlin and Yamaha. Electric Cart Company, LLC operates a 17,000 square foot concession on US Highway 98 in Santa Rosa Beach, Florida.

©2022 St Joe’s Company. « St. Jo®», « JOE®”, the design “Take flight”®“St. Joe (and Design of Flight) ®, Watersound®” and “Origins of Watersound®are registered service marks of The St. Joe Company or its affiliates.