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Date of Issue: May 24, 2007

SevenShores sales suspended

The Associated Press reported Friday that real estate developer St. Joe Company has temporarily suspended sales at its SevenShores on Perico Island.

The Jacksonville-based company announced that it will conduct new market research and analyze the current demands for real estate before restarting its sales campaign.

In a statement released last week, Nick Cassala, the company's president of the northeast and central Florida regions, said, "The slowing market has provided an opportunity to measure and analyze current demand so that we can better align our future product offerings before moving forward with sales." However, Cassala added, site work at Seven Shores will continue.

The sales office on Manatee Avenue appeared to be vacated last week, with no staff present to answer inquiries about the project. The high-rise condos were approved by Bradenton officials amid some controversy and protests by area residents, including Islanders.

The AP also reported St. Joe shares slipped 95 cents to $54.35 in Friday trading.

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