Rivertown

[reednavy]

Wasn't this thing the reason the Outer Beltway's river crossing will replace the Shands instead of being an additional bridge between Green Cove Springs and the Buckman?

Probably the other way around, it was built because of the prospects of it happening.

STJR, even though we've had our disagreements, this is one thing that pisses me off. I highly doubt that it'll be built as on grand of a scale they had originally intended to.

[stjr]

I highly doubt that it'll be built as on grand of a scale they had originally intended to.

Unfortunately Reed, we can't count it out.  The history with these large developments around Jax is that new owners/operators take over the these developments at bargain prices, sit on them for 15 or 20 years, and bring 'em back to life when the market is more mature and the economy is stronger.   Want examples?  Queens Harbor, Julington Creek Plantation, Amelia Island Plantation, Sawgrass .... all brought back from bankruptcies/failures over 20 years ago.

[JeffreyS]

Wasn't this thing the reason the Outer Beltway's river crossing will replace the Shands instead of being an additional bridge between Green Cove Springs and the Buckman?

Probably the other way around, it was built because of the prospects of it happening.

The Rivertown developer did not want the outter beltway to come too close or it would have gone right to them from 220 at Flemming island is my understanding. So the beltway was pushed south to the shands bridge.

[stjr]

St. Joe is losing bucket loads of money at the moment.  And, Rivertown had zero sales in 2009 and only 30 to date out of 4,500 homes.

St. Joe Co. reports 2009 loss as it awaits opportunities around Panama City airport

    * By Mark Basch
    * Story updated at 12:40 PM on Tuesday, Feb. 23, 2010

The St. Joe Co. (NYSE: JOE) reported today a net loss for the second year in a row, as the real estate company looks ahead to development opportunities surrounding a new airport in Panama City.

Jacksonville-based St. Joe owns 71,000 acres of land immediately adjacent to the Northwest Florida Beaches International Airport, which is scheduled to open in May. And it owns more than 300,000 acres within 40 miles of the airport, so the company is hoping the new airport will bring growth to the area and development opportunities for St. Joe’s land holdings.

In the meantime, the housing market collapse has significantly slowed St. Joe’s operations. The company reported a net loss of $130 million, or $1.42 a share, for all of 2009, following a loss of $35.9 million, or 40 cents a share, in 2008. The losses included significant write-offs related to the decline in value of some of its properties.

St. Joe owns a total of 577,000 acres of land, mainly in the Florida Panhandle. But its holdings include the 4,170-acre RiverTown project in northern St. Johns County, where sales activity has ground to a halt. St. Joe reported no sales at RiverTown in 2009, and to date it has sold only 30 of a planned 4,500 homes in the development.

St. Joe said in its annual report filed today that it does not expect “significant favorable changes” in the housing market in 2010.

Company officials are much more optimistic about the opening of the Panama City airport. St. Joe last fall negotiated an agreement with Southwest Airlines Co. that will bring eight daily non-stop flights into the airport.

“We believe this is a game changer for our company and our shareholders,” St. Joe CEO Britt Greene said in a conference call with analysts.

St. Joe expects the Southwest flights to bring numerous business and leisure travelers to the Panhandle area. The agreement was so important to St. Joe that it has agreed to reimburse Southwest for losses incurred during the first three years of its service.

During the conference call, Greene said Southwest hasn’t begun advertising the Panama City service but pre-sale activity is strong.

“They have indicated to us that it has exceeded their expectations under normal conditions for a new service,” Greene said.

http://jacksonville.com/business/2010-02-23/story/st_joe_co_reports_2009_loss_as_it_awaits_opportunities_around_panama_city_

[British Shoe Company]

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