The St. Joe Company, through its subsidiary St. Joe Timberland, has transferred its interests in the Windmark Beach development to a joint venture of which the company is the majority partner.

The St. Joe Company, through its subsidiary St. Joe Timberland, has transferred its interests in the Windmark Beach development to a joint venture of which the company is the majority partner.

In effect, the biggest impact of the transfer of all interests, including certain tangible and intangible assets, is a tax and revenue increase for the St. Joe Company, according to a SEC filing.

Windmark Beach is the largest remaining asset St. Joe has in Gulf County, other than its vested land interests in the Port of Port St. Joe master planning area.

The company transferred its interests in WindMark Beach to Windmark JV, a joint venture between Windmark Beach, LLC, a wholly-owned subsidiary of St. Joe, The Fairholme Unlimited Foundation, a 501 (c) 3 private operating foundation and another unrelated non-profit charitable foundation.

The SEC filing was announced Dec. 29.

The transfer of the Windmark assets came after St. Joe explored a third-party purchase of the development.

Conducted by a nationally-recognized real estate broker, the search for a buyer resulted in no offers acceptable to the company, according to the filing.

The transaction transferring the assets was approved by a special committee of independent directors of St. Joe.

Windmark is a mixed use residential and commercial community consisting oif over 1,900 acres, 64 residential single-family developed lots, approximately 59,000 square feet of commercial and community space and 31 residential multi-family units located above the commercial space.

According to the SEC filing, St. Joe’s Windmark Beach, LLC will be the managing member of the joint venture and will run day-to-day operations.

The Windmark joint venture will own and its members will make major decisions related to the management and development of the Windmark Beach Development.

For accounting purposes, St. Joe is deemed to control the joint venture and the company will consolidate the results of the joint venture.

In terms of dollars, the net effect of the transfer of assets will be an increase of $10.3 million in cash or cash equivalents as well a tax loss of $125 million.

There will be no impact on the results of the operation of the company from the transaction and homeowners should see no changes or impacts, according to St. Joe.