Core Communities Unveils Plans for the Town of Tradition; Formerly Known as Westchester, New 2,522-Acre Community to Feature World-Class Corporate Park, Innovative School.

Business Editors/Real Estate Writers

PORT ST. LUCIE, Fla.--(BUSINESS WIRE)--Feb. 7, 2003

Amid a flurry of confetti and streamers, Core Communities today shared with Treasure Coast leaders a well-kept secret - the community formerly known as Westchester will now forever be known as the Town of Tradition.

"We decided some time ago that this community needed an identity that speaks to the kind of traditional values, traditional home design and traditional neighborhoods that will be its hallmark," said Core President Pete Hegener. "The name Tradition embodies everything our future residents will expect from their community ... a return to the days when life was good."

The Town of Tradition

Encompassing more than 2,500 acres, Tradition is the latest master-planned community from the developers of St. Lucie West. Designed around a network of parks and open greenspace, the community will combine residential, commercial and corporate elements, including the region's first world-class corporate park.

"The corporate park is one of the most exciting elements of the Tradition community," said Port St. Lucie Mayor Bob Minsky. "The park will serve as a catalyst for economic development throughout the region, providing high-value employment opportunities for our residents."

Phase 1 plans call for 800 residences on 580 acres, a 78,500 square foot corporate park, 75,000 square feet of retail and commercial space and an innovative, mixed use school and civic site. The corporate park will eventually offer 700,000 square feet of commercial space and 1.3 million square feet of office space.

Developers believe a key component to the community's success will be the creation of the region's first developmental research school, which is being developed in partnership with Florida Atlantic University (FAU) and the St. Lucie County School System, with the collaboration of Indian River Community College (IRCC).

Serving as many as 1,600 students, the school will operate under a charter from FAU, and will provide a laboratory environment to help train new teachers. The school will focus on research on curriculum and teaching methodology that will allow students from throughout the community to become part of innovative educational methods.

The developers expect the community to be unlike any in the state. "Built on a concept of connectivity, our residents will be connected by the latest communication technology as well as parks, waterways neighborhood streets and pedestrian-friendly environments," said Hegener. "As well, the major elements of this community - the neighborhoods, the schools, corporate park, retail and commercial areas - will all be designed to integrate seamlessly with each other as well as with surrounding communities such as the PGA Village."

A Host of New Traditions

Plans call for the Town of Tradition to become home to a "tradition a month," encouraging residents from throughout the Treasure Coast region to join together in public celebration.

With the help of Minsky and St. Lucie County Commissioner Paula Lewis, Hegener outlined the first of these community traditions, announcing the St. Lucie Community Service Award program.

"It's time for this community to establish a new tradition encouraging community involvement, and rewarding those who devote their time and energy to the betterment of this region," said Hegener. "On April 11, the first St. Lucie Community Service Award will be presented to one of your neighbors, and a plaque in their honor will be permanently displayed in our Tradition Square."

Life in Tradition

As soon as residents and visitors enter Tradition, they will know they have entered a community unlike any other. From its signature watchtowers and acres of interconnected waterways, to unmatched parks and recreational facilities, Tradition will help set a new standard for community development.

While many neighborhoods within Tradition will feature traditional Florida suburban design, the community will also be one of the first major developments in the area to feature Traditional Neighborhood Development (TND) areas. Tradition's first phase will include a pedestrian-friendly, TND neighborhood of 150 homes and townhomes, built around communal village greens and tree-lined walkways.

"St. Lucie County has placed great emphasis on planned open space for its citizens and we're pleased to see Core Communities is committed to that in its new Town of Tradition," said County Commission Chairman Barnes.

Each month, the entire community will be invited to the town center - home to a community grocery, restaurants and church as well as many other retail and commercial outlets - to enjoy a celebration of traditions, with events such as holiday parties, farmers markets, arts/crafts fairs and more.

The first such event will fall on April 5-6, 2003, as Tradition hosts a weekend-long Founders Day Celebration. The event will mark the opening of the community sales center, and provide future homeowners with their first opportunity to reserve prime residential lots.

Home construction is expected to begin in April, with the community's first residents expected to call Tradition home by Fall 2003.

For more information about the town of Tradition, contact Core Communities at [phone] or visit the community's website at http://www.traditionfl.com.

Core Communities is the wholly owned, community development subsidiary of BankAtlantic Bancorp, a diversified financial services holding company based in Ft. Lauderdale. Core Communities' mission is to create and develop master planned total-living community environments in Florida and throughout the southeastern United States. Core Communities is headquartered in St. Lucie West at 1850 Fountainview Blvd., Suite 210, St. Lucie West, FL, 34986.