St. Joe Co. Weathers Recession By Thinking Big

MELISSA NELSON

SANTA ROSA BEACH, Fla. (AP) — Building along the Florida Panhandle's picturesque seaside slowed when financing dried up and the economy soured. Fences with architects' renderings of developments hide the unfinished eyesores dotting the beaches.

But the St. Joe Co.'s construction cranes and earth movers never stopped and its high-end vacation retreats and shopping centers are being built along with taxpayer-funded roads and an international airport, the nation's first since the 2001 terrorist attacks. Southwest Airlines recently agreed to service the airport, an announcement St. Joe CEO Britton Greene touted as a milestone in the company's 80-year history.

"This changes the dynamics of what we have as a land company," he said, standing in an unfinished terminal beneath a sign with the May 18 targeted opening.

Rooted in the Great Depression, St. Joe Co. was founded by a DuPont chemical heir who bought a wide swath of the Panhandle for pennies an acre.

Today, St. Joe is pushing a massive plan to transform into an international destination this region long known as the "Redneck Riviera" for its cheap motels, kitschy tourist attractions and appeal among Southern tourists. The strategy's lynchpin: The new Northwest Florida-Panama City International Airport on 4,000 acres west of Panama City donated by the company.