Since the Great Depression, the St. Joe Company (formerly the St. Joe Paper Company) has been Florida's largest landowner, a forestry and transportation conglomerate whose influence has been commensurate with its holdings. The company owns nearly one million acres, mainly in northwestern Florida, where undeveloped coastal and riverside landscapes boast some of the state's most scenic and ecologically diverse areas. For 60 years, the company focused on growing trees, turning them into paper, and managing its ancillary businesses. In the late 1990s, the company shifted directions: it sold its...