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Echelon International Unveils New Apartment Home Community in Gateway Area of St. Petersburg.

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--May 14, 1998--

First Community Opening for the Company's Core Multi-Family Real Estate Division

Echelon International Corporation (NYSE: EIN) announces the grand opening of its first multi-family rental home community--Echelon at Bay Isle Key, located at 11850 9th Street North in St. Petersburg.

Echelon at Bay Isle Key marks the first community for Echelon's multi-family division and the first new multi-family development in the Gateway area since the early 1990's. The 369-unit community of one-, two- and three-bedroom apartment homes is spread over 28 acres, surrounds a 3.8-acre lake and is adjacent to a wetland preserve.

Designed in the architectural style of classic coastal Savannah, the community blends the very latest in amenities with old southern charm. Residents have access to a state-of-the-art business center, fully-equipped conference room and concierge services. There are pools, a spa, cardio/fitness rooms and a tennis court all blended in an environment with deep porches, ceiling fans and rocking chairs.

According to Tim Tinsley, vice president, Echelon Residential Inc., "Echelon at Bay Isle Key is setting the high standard for multi-family development at Echelon. This is the beginning of a strategic growth plan for Echelon in the southeast and southwest United States. In addition to our next project here in St. Petersburg, Echelon at The Reserve located at Carillon, we are looking forward to new Echelon communities in Atlanta, Dallas, Denver, Tulsa, Tampa, and Orlando."

Looney Ricks Kiss Architects, based in Memphis, Tenn., designed Echelon at Bay Isle Key to reflect a "new urbanism" in apartment communities. Favoring traditional neighborhood settings, the apartment homes feature buildings with end-loaded garages allowing for maximum views of the interior lake or preservation area. Winding paths and indigenous landscaping create a walkable environment that encourages a sense of community.

Echelon International Corporation is a real estate company involved in the development, ownership and management of multi-family residential and commercial real estate. The Company also owns and manages a portfolio of aircraft leases along with aircraft and real estate loans. Echelon plans to gradually withdraw from the aircraft and real estate lending business and focus on its core real estate operations.

CONTACT: Susan Glatthorn Johnson

Vice President

Echelon International Corporation

813/803-8250

e-mail: sjohnson@echelonintl.com

or

Brian James

Vice President

Padilla Speer Beardsley Inc.

612/872-3720

e-mail: bjames@psbpr.com
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Publication:Business Wire
Date:May 14, 1998
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