Rather than selling condominiums in the tower, the condo portion of the project was to be shifted into the historic building.

"We are selling condominiums to all segments of the market," said Michael Dubb, a principal.

"They want to cut right through a beautiful gulf beach, just so they can make some money selling houses and condominiums."

He saw himself selling condominiums on the Gulf Coast.

"We may get back to the point where we're selling condominiums again."

Many of them have sold co-ops or condominiums and are now moving into a rental.

But its high-profile campaign to sell commercial condominiums fell flat on its face three years ago.

Additionally, the company continuously finances and sells condominiums there.

Two years ago, St. Joe began selling million-dollar homes and condominiums on the gulf coast.

It also sells condominiums, and operates a corporate housing division.