No ground-breaking dates on specific locations have been set but the company already is scouting sites in the Tallahassee area for a second-phase retail development. St. Joe officials are banking on the five million annual visitors to newly developed resorts and tourist destinations in Florida's Panhandle to support the new retail.

"Based on recent growth rates, it is projected that population in Florida's Great Northwest will double over the next eight years," Craig Buchanan, St. Joe Commercial's director, retail development, Orlando, tells GlobeSt.com. "More than 11,000 homes are currently in development or under construction, including WaterColor, WaterSound and other residential projects by St. Joe Commercial's sister company, Arvida Realty Services."

But the fact remains that the current permanent population of Bay County, based on available US Census Bureau data, is an estimated 139,693; Walton County, 30,534; and Tallahassee, 137,250.