The St. Joe Company and HomeCorp announced today the formation of a joint venture to develop, manage and lease apartments in Watersound, Florida. This is the second joint venture between the two companies.
The parties are working together to design, develop and construct Origins Crossings, a proposed 217 unit multi-family apartment home community to be located on land owned by St. Joe near the entrance to the Watersound Origins community, located off US 98. HomeCorp will serve as the construction and leasing manager for the project.
Site development and construction are expected to begin later in 2019 with apartment homes being available for lease in 2020.
“HomeCorp is pleased to continue our relationship with St. Joe and be able to expand HomeCorp’s unique approach to multi-family housing into the Watersound market,” stated Herbert Scheuer, Principal of HomeCorp. Scheuer added, “We believe there is strong demand for luxury apartments in Northwest Florida.”
“This venture is also consistent with our strategy of partnering with best in class operators to expand our portfolio of income producing properties and meet market demand in Northwest Florida,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company.
The first joint venture with the two companies was established to develop and construct Pier Park Crossings, an apartment community in neighboring Panama City Beach, Florida which is currently under construction and expected to start leasing in the spring of 2019. More info at joe.com.