St. Joe Co., a real estate developer and manager, is selling nearly 383,000 acres — most of its land in Florida’s Panhandle — for $565 million to Utah-based AgReserves Inc., a tax-paying affiliate of the Mormon Church. The sale does not include land in St. Joe’s residential, commercial, or resort developments. AgReserves will maintain timber and agricultural uses of the land, which is roughly half the size of Rhode Island. St. Joe will now own about 184,000 acres.
Land sale brings Fla. developer $565m
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