St. Joe is a real estate developer and operator concentrated in Northwest Florida, primarily in Bay, Walton, and Gulf counties. The company owns roughly 165,000 acres of land — the vast majority within 15 miles of the Gulf Coast — and is systematically converting that land into residential communities, hospitality assets, and commercial real estate over a multi-decade horizon. St. Joe's core business is residential land development: it develops homesites and sells them to homebuilders through phased takedown agreements across multiple master-planned communities. Beyond land sales, St. Joe owns and operates hotels, a members-only club (Watersound Club), vacation rentals, marinas, and food and beverage outlets, and develops and leases commercial properties including multi-family, medical, office, retail, and senior living assets. St. Joe also co-develops Latitude Margaritaville Watersound, a roughly 3,700-home active adult community with partner Minto, contributing land and receiving equity income as homes are sold. St. Joe's value creation model relies on its low land cost basis accumulated over decades — it entitles raw land, develops infrastructure, and sells homesites at historically high margins. As communities mature, surrounding land appreciates, supporting higher prices in subsequent phases. Management views hospitality and commercial leasing as the primary recurring revenue streams. St. Joe also operates asset-light businesses including real estate brokerage, title insurance, and insurance agencies.