WCI Purchases Cape Marco Beachfront High-Rise Sites.

Business Editors

BONITA SPRINGS, Fla.--(BUSINESS WIRE)--Sept. 14, 2000

Watermark Communities Inc. (WCI) announced today that it has purchased the remaining development sites in Cape Marco, a 30-acre gated residential community located on the southern end of Marco Island. The community includes six high-rise towers, four of which have been completed--Merida, Tampico, Monterrey and Cozumel - and two additional tower sites. WCI purchased the property from Point Marco Development Corporation and will develop the two remaining beachfront luxury residential towers and manage the community's master homeowner's association.

The purchase also included Marco Beach Realty, a realty company with a roster of more than 90 associates and a 1999 contract volume of $224 million, and Marco Beach Rentals, the largest property management and rental company on Marco Island. Both Marco Beach Realty and Marco Beach Rentals were acquired by WCI's general real estate brokerage subsidiary, Prudential Florida WCI Realty.

George Page, Senior Vice President of WCI's Commercial Development Division, said, "We are extremely pleased to mark WCI's entry into the Marco Island luxury high-rise market. WCI's considerable expertise in the creation of upscale residential towers coupled with the beauty and beachfront location of Cape Marco will enable WCI to provide the definitive luxury lifestyle on Marco Island."

The two undeveloped tower sites at Cape Marco represent some of the last remaining beachfront sites on Florida's West Coast. According to Richard Armalavage, MAI, of real estate appraisal and consulting firm Armalavage & Associates, Inc., the location and views of the Cape Marco tower sites are truly unique and characterize the property's desirability. "You would be hard pressed to find better tower vistas in Southwest Florida. The uninterrupted views from these sites are gorgeous panoramas of beach, water, boating, and nature."

Residents of these towers will enjoy the amenities of Cape Marco, including 1,200 feet of direct-access beaches, an observation boardwalk and day boat dockage at Caxambas Pass, a community clubhouse with six Har-Tru tennis courts, locker rooms, exercise facility and meeting rooms.

WCI has a history of success in the creation of award-winning luxury beachfront towers. Since 1988, WCI has completed The Marbella and The Coronado at Pelican Bay; the towers of Bay Colony, including The Carlysle, Brighton, Remington, Marquesa, Biltmore, Mansion La Palma, Toscana, Salerno, and Windsor; Aruba and Bequia within Cove Towers at Tarpon Cove Yacht & Racquet Club; and Verona at Deering Bay.

Currently under construction are The Seasons at Naples Cay, Trieste at Bay Colony, Sorrento at The Colony Golf & Bay Club Colony, Caribe at Cove Towers, Harbor Towers II at Burnt Store Marina, and Siena at Deering Bay. Within the next few months, construction will commence for Montego at Cove Towers, Palermo at The Colony and The Pointe at Jupiter Yacht Club. WCI is also developing The Tower Residences at The Ritz-Carlton, Sarasota.

WCI is the developer of 29 master-planned communities throughout Florida, including Bay Colony in Naples, Sun City Center near Tampa, Waterlefe Golf & River Club in Bradenton, and additional communities in Naples, Bonita Springs, Estero, Fort Myers, Coral Gables, Coral Springs, and the Palm Beach area. With 2,500-plus employees statewide and nearly $900 million in annual revenues, WCI is recognized as a premier developer of highly amenitized master-planned communities in the state.

WCI's award-winning communities are home to nearly 150,000 residents and include 351 holes of golf currently open for public and private play; eight miles of beachfront and waterfront property; boat slips at five deep-water marinas accommodating more than 1,000 boats; plus several restaurants and commercial sites. WCI builds single-family and multi-family homes, as well as luxury condominiums, with prices ranging from under $100,000 to more than $10 million. Its real estate services division includes Prudential Florida WCI Realty, Financial Resources Group consumer mortgage company, title insurance company First Fidelity Title, and Florida Lifestyle Management Company property management services. For more information, visit www.wcicommunities.com or call 800-WCI-2290.