The 40,000 to 60,000-square-foot building will be the company's new home, where 100 to 150 employees are expected to move in the summer of 2011, says Kevin Johnson, vice president of economic development for the St. Joe Co. It has yet to be determined how much of the building will be rented out to office and retail tenants.

Not coincidentally, St. Joe is making plans for the new building at a time when the first international airport built in the US in 15 years, is about to open in Bay County next to the new project.

On May 23, 2010, the Northwest Florida Beaches International Airport, for which St. Joe donated 4,000 acres, will make its debut, replacing the existing Panama City-Bay County airport and making the area more accessible to the outside world. Southwest and Delta airlines will offer flights out of this airport. The current facility can only accommodate regional carriers because of its short runway.