St. Joe Opens New Florida Airport - Analyst Blog

The St. Joe Company (JOE), a publicly-held operationally diversified real estate company, has recently announced the opening of the Northwest Florida Beaches International Airport, the first new international airport opened in the U.S. since the 2001 terrorist attack.

 

The airport, built on 4,000 acres of land donated by St. Joe, has commenced service with flights from Southwest Airlines Co. (LUV) and Delta Air Lines Inc. (DAL). Southwest Airlines initially will have two daily non-stop flights each to Houston, Nashville, Orlando and Baltimore-Washington DC. In addition, Southwest Airlines will also offer direct or connecting service to over 60 other destinations in the U.S. On the other hand, Delta Air Lines has introduced larger aircrafts to serve the new airport.

 

St. Joe is also developing approximately 1,000 acres adjacent to the new airport for industries, offices, retailers, and hotels. These include approximately 100 acres designated for retail, office and hotel uses, approximately 300 acres for light industrial uses, and approximately 600 acres for manufacturing, distribution and logistics companies. Once completed, the region will become a major growth driver for Northwest Florida, creating jobs and revenue-generating opportunities for other companies.

 

Based in Jacksonville, St. Joe is one of Florida’s largest real estate developers engaged in town, resort, commercial, and industrial development, land sales, and commercial real estate operations. The company also has significant interests in the timber industry.