Bay County · Walton County · Know the Land
Land and Growth in Northwest Florida
Who owns it, what the counties have approved, and what is planned — with dates and sources.
The Facts, Plainly
Much of the land north of the beaches has one owner
What happens to that land shapes traffic, supply and prices for years, and neighbors see it differently: many welcome new homes, jobs and services, and many others want growth to slow or to look different. This page lays out the facts we could confirm, each with a date and a source, and takes no side. Team Turner is not affiliated with The St. Joe Company, its communities, its brokerage or its foundation, and this page is neither an endorsement nor a criticism of any developer.
The St. Joe Company
company’s pipeline
Bay-Walton Sector Plan
phases expected
Company-reported figures, as of December 31, 2025 and June 30, 2026 (annual report). Page last updated October 24, 2026.
Who Owns the Land
About 165,000 acres, mostly timberland
The St. Joe Company has been in the area since 1936. Its annual report lists about 165,000 acres, down from 171,000 in 2020, with about 87% of its real estate in Bay, Gulf and Walton counties and about 90% of the land within 15 miles of the Gulf. Undeveloped land is managed as timberland until it is designated for development; timber earned the company $4.2 million in 2025, against $513.2 million in total revenue.
The company sells homesites to builders, runs hotels and a private club, and leases commercial space. Its hotels include The Pearl in Rosemary Beach, which appears among the hotels named in its quarterly report for June 30, 2026. It also owns a real estate brokerage (Watersound Real Estate), a title company and the Watersound Club, so a buyer in one of its communities may deal with company-affiliated businesses on more than one side of a purchase.
Our Own Numbers
What the county tax roll shows
We checked the Florida Department of Revenue tax roll for the two counties where most of this land sits. Parcels owned under St. Joe-named entities total about 123,000 acres.
Land owned under St. Joe-named entities
| County | Parcels | Acres | About |
|---|---|---|---|
| Bay | 434 | 111,634 | 93% classed as timberland |
| Walton | 261 | 11,680 | Mostly timber, plus golf courses, hotels and platted lots |
Team Turner’s own count from the tax roll as of September 27, 2026, matched by owner name. It leaves out land held through joint ventures and builders, and it does not include Gulf County, where the company also owns land. County assessed values on timberland are low (a 640-acre section is often assessed at a few hundred thousand dollars) and say nothing about what the land is worth once it is approved for homes.
How Growth Is Approved
A county-approved plan, one area at a time
Bay and Walton counties adopted the Bay-Walton Sector Plan in May 2015, and it took effect in June 2015. A 2016 company filing describes it as covering about 110,500 acres (97,216 in Bay and 13,284 in Walton), with about 53,000 acres placed in conservation. The company’s 2025 annual report says it originally entitled more than 170,000 homes, more than 22 million square feet of commercial space and more than 3,000 hotel rooms.
Before any part of it is built, the county must approve a Detailed Specific Area Plan for that area. The company’s list includes Lake Powell, West Bay Creek, West Laird, Pigeon Creek, Teachee, Bayside at Ward Creek and Origins West; Bay County approved the Pigeon Creek plan in 2025. The county commissions vote in public meetings, agendas and minutes are posted by each county, and residents can attend, comment or write to their commissioners.
The company also has three Ecosystem Management Agreements with the state (2004, 2015 and 2020) that set permitting and conservation terms (Agreement 2, Agreement 3), and two wetland mitigation banks in Bay County, Breakfast Point and Devil’s Swamp.
What Exists and What Is Planned
Homesites in the pipeline
At December 31, 2025 the company listed 23,904 homesites in its pipeline, and said in 2026 that the figure exceeds 25,000. Only 2,013 were platted or under development; most are at the concept stage. The company says 18 homebuilders are active in its communities, with prices from the high $200,000s to over $5 million.
Company-reported communities and plans
| Area | County | What the company reports |
|---|---|---|
| Watersound Camp Creek | Walton | 18 homesites left |
| Watersound Origins | Walton | 68 left; Origins West 3,221 planned (104 under development) |
| Latitude Margaritaville Watersound (joint venture with Minto) | Bay | About 3,700 homes in the first phase, 2,359 occupied at June 30, 2026. On September 17, 2026 the company announced about 3,500 more, for about 7,200 planned |
| Pigeon Creek | Bay | 3,330 planned. PulteGroup signed in March 2026 for 1,326 homesites with options up to 2,653; first phase expected 2027 |
| West Bay Creek | Bay | 5,250 planned (concept stage) |
| West Laird | Bay | 2,185 planned |
| Teachee | Bay | 1,750 planned; first phase expected early 2027 |
| Lake Powell | Bay | 1,352 planned |
| Park Place East | Bay | About 2,000 units, approved in 2026 |
| WindMark Beach | Gulf | 708 planned |
Sources: the company’s FY2025 annual report, its second-quarter 2026 results (July 29, 2026), its September 17, 2026 announcement and its March 5, 2026 announcement.
The Airport, Roads and Other Changes
Infrastructure is changing too
Airport. Northwest Florida Beaches International Airport opened in 2010 on land the company donated (about 4,000 acres). In January 2026 it broke ground on an 80,000-square-foot North Terminal, a build of about three years, after nearly 2 million passengers in 2025 (WJHG, January 10, 2026).
Highways. State Road 388 was widened to four lanes in 2022 and 2023, and State Road 79 is four-lane from US 98 to West Bay.
Commercial. A Publix is under development at Watersound West Bay Center, a project planned at about 500,000 square feet. A medical campus (FSU and Tallahassee Memorial) opened its first building in 2024.
One of the Communities
Watersound Beach, Walton County
For Buyers and Sellers
What this can mean
These are things to weigh, not predictions.
- More new construction is coming, mostly in Bay County, which can add choices for buyers and competition for resale homes at similar prices.
- Land next to a home may be undeveloped timberland today. What happens to it is decided through the county approval process above. It is worth asking what is planned nearby and checking the county’s maps.
- Construction takes years. New phases are announced on a rolling basis, and timelines have moved before.
- Some neighbors support growth and some oppose it. Both groups attend public meetings, and it is reasonable for a buyer to hear from each.
Before You Buy
Questions to ask in a master-planned community
- May I see the recorded declaration of covenants and the homeowners’ association budget?
- What are the association dues, and what do they cover?
- Is any club membership required or optional, and what are the approval and fee terms in writing?
- Are there any resale or transfer fees, and who collects them?
- What are the rules on short-term and long-term rentals?
- What is planned on the land next to the property, and where can I read the county approvals?
- Who is the builder, what warranty comes with a new home, and what architectural review applies?
Sources
Where these figures come from
- The St. Joe Company, FY2025 annual report (Form 10-K), second-quarter 2026 results, and the FY2015 annual report (Sector Plan acreage).
- Florida Department of Environmental Protection, Ecosystem Management Agreement 2 and Agreement 3.
- Northwest Florida Water Management District, Breakfast Point Mitigation Bank instrument.
- WJHG, airport North Terminal groundbreaking, January 10, 2026.
- Florida Department of Revenue tax roll for Bay and Walton counties (Team Turner analysis, roll synced September 27, 2026).
Team Turner works as a transaction broker, with the duties Florida law sets for that role. We do not represent The St. Joe Company. Figures are as of the dates shown and may have changed.
Thinking About a Move?
Talk it through with us
Whether you are looking near a new community or selling a home close to one, we can show you what is on the market and what is planned around it.