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THE SILVERLAKES DEVELOPMENT AND G.L. HOMES ANNOUNCE MEGA-DEAL; G.L. HOMES TO BUY UP TO 2,790 LOTS FOR RESIDENTIAL CONSTRUCTION

 PEMBROKE PINES, Fla., Aug. 10 /PRNewswire/ -- In what could well be one of the largest deals of its kind for the acquisition of developed residential land in Florida, SilverLakes and G.L. Homes of Florida, one of South Florida's largest privately held home builders, have entered into an agreement in which G.L. Homes will purchase all of SilverLakes' Phase III residential land. Revenue from home sales in Phase III is expected to exceed $350 million. SilverLakes is the successful 2,480- acre master planned community in Southwest Broward County, one of the country's fastest growing areas.
 The SilverLakes community is widely recognized for its environmental quality and lifestyle amenities including more than 1,200 acres of open space, 100 acres of parks, 802 acres of lakes, nearly 300 acres of natural wetlands, 35 miles of waterfront property and plans for neighborhood shopping, two school sites, a proposed town center and a preschool.
 G.L. Homes plans to build approximately 2,700 units within 15 residential parcels continuing its success in SilverLakes. The company has already purchased land for 10 of the 23 neighborhoods in Phases I and II of SilverLakes and sold more than 900 homes in a little over two years. As the exclusive Phase III residential builder, G.L. Homes will expand its product line to include home values from under $100,000 to over $300,000 in order to continue the marketing strategy of SilverLakes which provides diversified pricing and home sizes. This program offers more opportunities for a variety of homebuyers in the market place. Build-out within SilverLakes is expected over the next three to four years.
 SilverLakes will continue as the developer of Phase III providing the waterways, wetlands, infrastructure, parks, landscaping, and a proposed town center within the 960 acres of Phase III. In this agreement the SilverLakes developers will oversee the community marketing and develop the land, so the developer's role has not changed.
 "This is another exciting step in the development of our already successful SilverLakes community," said Donald Neuerman, vice president of sales and marketing for SilverLakes. "Since we grand opened two and one half years ago, more than 2,000 homebuyers have chosen SilverLakes because of its unparalleled amenities and value, making it the fastest selling community in South Florida. G.L. Homes has been a major part of that success and we're happy to continue that relationship."
 G.L. Homes views this as a tremendous opportunity, according to Richard Costello, senior vice president of Coral Springs-based G.L. Homes. "We share SilverLakes Partnerships' development philosophy which is to provide value to buyers and meet only the highest standard of excellence in development," he said. "As a community, SilverLakes has unmatched amenities and infrastructure with parks, lakes, landscaping, and environmental sensitivity. The combination of all of these elements prompted us to aggressively pursue the purchase of all Phase III residential land."
 Since 1976, G.L. Homes has distinguished itself as a leading builder of single-family homes throughout Broward, Palm Beach, and Osceola counties.
 "Our company's success has been based in part on our ability to purchase land at a good value and to pass that on to our homebuyers," Costello said of G.L. Homes which currently has 11 active projects in Florida. "We provide quality, affordable homes, innovative floor plans and aesthetic designs with the best value. The surrounding community, the schools and the lifestyle are also important considerations when choosing where to build."
 The award-wining SilverLakes community spans Pembroke Pines and Miramar and is currently selling homes in Phases I and II which consist of more than 2,700 homes extending over 1,520 acres. Presently, there are 15 different neighborhoods by six leading builders priced from the $80,000s to more than $300,000. The builders feature 26 furnished models and more than 60 floor plans.
 SilverLakes recently received a gold MIRM Award from the National Association of Home Builders -- for "National Project of the Year Master Planned Community" for the eastern United States. SilverLakes has also been named "Best Master-Planned Community" by the Building Association of South Florida and the Gold Coast Builders Association.
 -0- 8/10/93
 /CONTACT: Richard Costello or Cindy Stoddart of G.L. Homes, 305-753-1730; or Donald Neuerman of SilverLakes, 305-436-8600/


CO: SilverLakes Development; G.L. Homes of Florida ST: Florida IN: CST SU:

RC-AW -- FL002 -- 1105 08/10/93 10:09 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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