The new headquarters, scheduled to start construction this summer and open in mid-2011, will put St. Joe closer to some of its most valuable land holdings in the Florida Panhandle, which contains. Its offices in Jacksonville, Tallahassee, Port St. Joe and South Walton County will be consolidated there.

"This move is a very important step in the evolution of the St. Joe Co., and we are excited about expanding our relationships with the people of Northwest Florida," company president and CEO Britt Greene stated in a release. He expressed gratitude to officials in Jacksonville, where St. Joe has been based for the past 75 years.

"The relocation represents a new phase for our company where we will be able to closely align our resources in an area that we have been actively involved in developing for the past 12 years," Greene added. "Furthermore, we expect to capitalize on the many significant business and economic development opportunities that we see emerging as the region continues to evolve into not only one of the nation's top ranked vacation destinations, but one of the nation's newest business and technology corridors."