Panhandle Land Developer's Shares Have Plummeted on Tourism Concerns; 'Big Bet on Coastline'
The tar balls and petroleum sheens from the wreckage of Deepwater Horizon offshore oil rig haven't yet made landfall on the white-sand beaches of the eastern Florida Panhandle, but real-estate developer St. Joe Co. is feeling the heat already.
St. Joe, the region's biggest landowner and an important property developer, owns 577,000 acres in northwest Florida, much of it within 15 miles of the ocean and 5.7 miles on the coast.
The company also owns eight luxury resorts near Panhandle beaches and earns about one-third of its revenue from tourism.
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