St. Joe Corp. of Jacksonville, Florida, joins Arvida

St. Joe Corp. of Jacksonville, Florida, the largest landholder in the state, announced an agreement in principle October 1 to “combine” with the Arvida Company, a major real estate developer based in Boca Raton, Florida. The acquisition or merger will create a real estate powerhouse which may have an impact on neotraditional development. St. Joe’s chief executive, Peter Rummell, former chairman of Walt Disney’s Imagineering, helped to develop Disney’s new town, Celebration. St. Joe would concentrate on building new towns like Celebration and Seaside, Rummell says. The aim is “to create a town plan that evokes the art of living and places that inspire a sense of community,” he says.