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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	January 15, 2007
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  	The St. Joe Company
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Florida
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  	1-10466
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  	59-0432511
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	245 Riverside Avenue, Suite 500, Jacksonville, Florida
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  	32202
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	904-301-4200
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 2.05 Costs Associated with Exit or Disposal Activities.
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  In August 2006, the Company announced a reorganization of its operational structure and a workforce reduction designed to reduce operating expenses.  See the Company's Current Report on Form 8-K filed on August 16, 2006.  As the Company implemented its new organizational structure and continued to formulate its long-term plans, management realized that there were additional opportunities for increasing operating efficiencies in the Company's workforce.  Accordingly, management decided to make an additional workforce reduction, which was communicated to affected employees on January 15 and 16, 2007.  Approximately 5% of the Company's employees were terminated in connection with this plan.  <br><br>The Company believes that this action will help to further reduce the Company's overhead expenses over the long term.  In the near term, the Company expects to take a charge to earnings of approximately $2.5 million as a result of the terminations.  Of the total charge, approximately $2.4 million is expected to be incurred in the first quarter of 2007.  The charges incurred will be primarily one-time cash termination benefits to employees.     <br><br>Additional information on the organizational changes described herein is set forth in the Company's press release dated January 16, 2007, a copy of which is filed as Exhibit 99.1 hereto and is incorporated by reference herein.<br><br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) 	Exhibits<br><br>99.1 	Press Release dated January 16, 2007<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	The St. Joe Company
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  	&nbsp;&nbsp;
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  <I>
  	January 16, 2007
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  	&nbsp;
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  <I>
  	By:
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  <I>
  	/s/ Michael N. Regan
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  	&nbsp;
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  <I>
  	Name: Michael N. Regan
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  <I>
  	Title: Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	99.1
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  	&nbsp;
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  Press Release dated January 16, 2007
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_17579.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11105}]
metadata_filer: {"company-data": {"conformed-name": "ST JOE CO", "cik": "0000745308", "assigned-sic": "6552", "irs-number": "590432511", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10466", "film-number": "07532604"}, "business-address": {"street1": "245 RIVERSIDE AVENUE STE 500", "city": "JACKSONVILLE", "state": "FL", "zip": "32202", "phone": "9043014200"}, "mail-address": {"street1": "245 RIVERSIDE AVENUE", "street2": "SUITE 500", "city": "JACKSONVILLE", "state": "FL", "zip": "32202"}, "former-company": [{"former-conformed-name": "ST JOE CORP", "date-changed": "19980430"}, {"former-conformed-name": "ST JOE PAPER CO", "date-changed": "19920703"}]}
text: The St. Joe Company (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  January 15, 2007
  The St. Joe Company
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Florida
  1-10466
  59-0432511
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  245 Riverside Avenue, Suite 500, Jacksonville, Florida
  32202
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  904-301-4200
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 2.05 Costs Associated with Exit or Disposal Activities.
  In August 2006, the Company announced a reorganization of its operational structure and a workforce reduction designed to reduce operating expenses.  See the Company's Current Report on Form 8-K filed on August 16, 2006.  As the Company implemented its new organizational structure and continued to formulate its long-term plans, management realized that there were additional opportunities for increasing operating efficiencies in the Company's workforce.  Accordingly, management decided to make an additional workforce reduction, which was communicated to affected employees on January 15 and 16, 2007.  Approximately 5% of the Company's employees were terminated in connection with this plan.
  The Company believes that this action will help to further reduce the Company's overhead expenses over the long term.  In the near term, the Company expects to take a charge to earnings of approximately $2.5 million as a result of the terminations.  Of the total charge, approximately $2.4 million is expected to be incurred in the first quarter of 2007.  The charges incurred will be primarily one-time cash termination benefits to employees.
  Additional information on the organizational changes described herein is set forth in the Company's press release dated January 16, 2007, a copy of which is filed as Exhibit 99.1 hereto and is incorporated by reference herein.
  Item 9.01 Financial Statements and Exhibits.
  (c) 	Exhibits
  99.1 	Press Release dated January 16, 2007
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  The St. Joe Company
  January 16, 2007
  By:
  /s/ Michael N. Regan
  Name: Michael N. Regan
  Title: Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Press Release dated January 16, 2007