St. Joe Co., the largest private landowner in Florida (825,000 acres), is getting out of the homebuilding business in the state. To date, it has developed 22 primary residential and resort communities under its company Arvida. Last year St. Joe built about 1,800 homes.St. Joe’s chief executive Peter S. Rummell spun the move out of homebuilding as allowing the company to focus on creati infrastructure in its developments. They will instead work with homebuilders who will do construction.
As a result of the phaseout over the next 18 months, St. Joe said it would lay off about 10 percent of its work force, or about 100 employees, and take a $10.7-million writeoff, including $9-million in the third quarter. In mid August, the company had reported a corporation reorganization and layoff of about 150 employees.
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