The St. Joe Company Announces New Tenant Openings at Watersound® Town Center as Construction Continues on Future Leasable Space
The St. Joe Company (NYSE: JOE) has announced new tenant openings at the Watersound Town Center in Inlet Beach, Florida. New businesses include FedEx Office, friends 30A Burger Bar, Sweet Henrietta’s, Nigel’s Bananas, and Watersound Executive Suites. The center, already home to numerous tenants, is currently expanding with additional leasable space under construction. Future tenants include Starbucks, Electric Cart Watersound, and more. In 2023, several other businesses, such as Village Market and Fleet Feet, opened. The center now features approximately 138,000 square feet of leasable space, aiming to expand to 400,000 square feet.
- Multiple new tenants are opening in Watersound Town Center, increasing foot traffic and potential revenue.
- Expansion of leasable space indicates strong demand and potential future income for St. Joe.
- New high-end tenants like Quest Hospitality Concepts' sports tavern could attract higher spending customers.
- Current occupancy rate and ongoing construction demonstrate solid business growth.
- Expansion to 400,000 square feet indicates long-term growth plans and confidence in the market.
- Additional construction costs and potential delays could impact short-term financials.
- High dependency on continued leasing demand; economic downturns could affect occupancy rates.
- Increased competition with other lifestyle centers in the area could dilute market share.
© The St. Joe Company 2024. All Rights Reserved. “Watersound® ” is a registered service mark of The St. Joe Company.
FedEx Office, friends 30A Burger Bar, Sweet Henrietta’s, Nigel’s Bananas and Watersound Executive Suites are now all open for business. These businesses join more than a dozen existing tenants in the growing lifestyle center, while construction continues on additional leasable space.
“The tenant mix at Watersound Town Center continues to evolve to serve the growing number of residents and visitors to this area,” said Samantha Walton, Director of Commercial Sales and Leasing for St. Joe. “We plan to continue constructing more leasable space to meet the demand that we are seeing from local, regional and national tenants.”
Watersound Town Center tenants that are anticipated to open soon include Starbucks, Electric Cart Watersound, F. Reese Harrison, DMD, Summer House Lifestyle and Halo Salon & Blowout Bar. A second phase of Watersound Executive Suites is under construction to meet demand as the first phase is
Additionally, Quest Hospitality Concepts, LLC is bringing a high-end sports tavern concept to Watersound Town Center. Plans for the restaurant include elevated American pub fare and craft cocktails. It is anticipated to open in 2025 in the multi-tenant building adjacent to the Watersound Discovery Center.
2023 saw the opening of Village Market, Fleet Feet, Grand Nails Lounge, Marco’s Pizza, Bahama Buck’s, Watersound Closings & Escrow and the Watersound Discovery Center, which provides real estate sales and community information. These tenants joined Publix Super Market, Publix Liquors, Ascension Sacred Heart, Ambrosia Prime Seafood & Steaks, Capital City Bank, Dermatology Specialists of
Watersound Town Center currently features approximately 138,000 square feet of leasable space with an additional 16,000 square feet under construction as well as a covered event pavilion and green space that hosts cultural events throughout the year. Plans call for the center to include approximately 400,000 square feet of space.
More information on Watersound Town Center can be found at www.watersoundtowncenter.com.
Important Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 21E of the Exchange Act, including statements regarding Watersound Town Center, including future retail, dining, office and medical concepts, future tenant opening and planned business openings. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent current report filings as well as (1) the ability of Watersound Town Center and St. Joe to complete the proposed construction projects as currently contemplated and on the expected timeline and (2) the interest of prospective tenants and customers.
About the St. Joe Company
The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in
©2024 The St Joe Company. “St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and Taking Flight Design,)®”, “Watersound Origins®” and “Watersound®” are registered service marks of The St. Joe Company or its affiliates.
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St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
marek.bakun@joe.com
St. Joe Media Relations Contact:
Mary Beth Lovingood
Corporate Director of Marketing
1-850-231-6583
marybeth.lovingood@joe.com
Source: The St. Joe Company
FAQ
What new businesses are opening at Watersound Town Center?
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Are there any future expansions planned for Watersound Town Center?
Which notable tenants will be opening soon at Watersound Town Center?
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