Bluegreen Appoints John P. Buza to Board of Directors.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--March 20, 2001

Bluegreen Corp. (NYSE: BXG), a leading developer and marketer of vacation ownership resorts, golf communities and residential land, today announced the appointment of John P. Buza to the Company's Board of Directors. With Mr. Buza's appointment, Bluegreen's Board of Directors increases to nine members.

Mr. Buza, 40, joined Morgan Stanley Dean Witter ("MSDW") in April 1999 and is a Vice President and Senior Asset Manager for the Morgan Stanley Real Estate Funds ("MSREF"). Mr. Buza is involved in the acquisition, asset management and disposition life cycle of MSREF investments. Currently, Mr. Buza serves on the Board of Directors or Executive Committee for a number of MSREF investments: CenterAmerica Property Trust, a private REIT, which owns 110 grocery anchored shopping centers in the southwest US; and Gale & Wentworth, Inc., a private real estate company that is involved in the acquisition, development, asset management, property management (44 million square feet) and disposition of commercial real estate in 26 states.

Prior to joining MSDW, Mr. Buza was Senior Vice President of Asset Management for MeriStar Hospitality Corporation ("MeriStar" and pre-merger REIT American General Hospitality Corp.), a hotel real estate investment trust where he was responsible for asset management and dispositions. Prior to joining MeriStar, Mr. Buza spent 12 years at Salomon Brothers Inc., where he served as Director and was responsible for Firm Investments. Prior to Salomon Brothers Inc., Mr. Buza worked for Touche Ross & Co. (now Deloitte & Touche) for four years.

Mr. Buza has served on the Board of Directors of Hudson Hotels (11/96 - 4/99) and on the Advisory Committee for certain joint venture funds for Trammell Crow (1991-1997). Mr. Buza is a Certified Public Accountant and is an active member of the Urban Land Institute and International Council of Shopping Centers.

George Donovan, President and Chief Executive Officer of Bluegreen, stated, "The Company has enjoyed a solid and longstanding relationship with Morgan Stanley and John's industry expertise and financial background will be a tremendous asset to Bluegreen's Board of Directors. In addition, his experience in acquiring and developing commercial real estate will be invaluable to both Bluegreen's timeshare and golf communities and residential land divisions."

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts, golf communities and residential land. The Company's timeshare resorts are located in a variety of popular vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-looking statements and the Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements made by George Donovan and any other statements contained herein that are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," "may," "should," "estimate," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Future events, industry trends and actual results could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, regulatory changes, changes in national or regional economic conditions that can affect the real estate market, risks associated with a large investment in real estate, shortages of available inventory, the risk that future sales contemplated under the timeshare purchase facility referred to above will not close, and that the Company will not enter into, on favorable terms or at all, the new or increased acquisition and development lines of credit referred to above, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and its Form 10-Q filed on February 14, 2001. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.