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Subject:  Re: St. Joe Co. lays off employees Date:  8/15/2006  7:47 PM
Author:  Nats43 Number:  132 of 140

Here is a follow-on article from the Tallahassee Democrat on 8/15:

St. Joe woes won't affect projects
Everitt Drew to lead the company's new Capital Region

By Billy Bruce
and Ferdie De Vega

Ongoing layoffs and reorganization at The St. Joe Co. won't affect the development of SouthWood or a proposed project on Tallahassee's south side, a company spokesman said Monday.

Company officials still had not disclosed the number of jobs cut in the downsizing move, and Tallahassee's mayor says the city will do whatever is needed to help the affected workers.

Also, St. Joe announced that it has picked J. Everitt Drew to head its new Capital Region.

St. Joe is trimming its bulky, three-division structure, merging the divisions into one company in response to the recent downturn in the real-estate market.

But its huge SouthWood project and the proposed south-side project are "both going full steam ahead," said Brad Slappey, vice president of Investor Relations in the company's Jacksonville headquarters. "Sales might be a little slow, but we believe in the market. We still believe in those projects."

SouthWood has sold 2,000 of 4,700 units, and the company is pressing ahead for government approvals of its south-side plans, Slappey said.

Earlier this year, St. Joe filed its preliminary plans for