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Complete Renovation Begins At Palm Harbor

August 18, 2006

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Plans Include Nicklaus Design Redesign, New Clubhouse and Practice Facilities

PALM COAST, Fla., Aug. 17, 2006 – A significant step toward the development of the new Palm Coast Resort has begun, with a thorough renovation of the venerable Palm Harbor Golf Course.

The Centex Destination Properties multi-million dollar project will include the redesign of all 18 holes by Nicklaus Design, complemented by a new, expansive clubhouse featuring a full-service golf shop, dining and lounge areas, as well as locker facilities for men and women. Along with the new golf course will be a practice facility, ideal for private and group instruction.

Upon the planned re-opening in fall 2008, the renovated course will be known as The Harbor Course at Palm Coast Resort.

"This ushers in a new and exciting era for golf in our community," said Gregg Harper, general manager of Ocean Hammock Resort. "It has been our pleasure to serve the many loyal patrons of Palm Harbor through the years. We look forward to continuing that relationship with them in the future."

Demolition of the current Palm Harbor clubhouse and surrounding areas begins this month.

Originally opened in 1973, the Palm Harbor Course was designed by Bill Amick and was known for requiring accuracy through tall palms and pines. For many years, Palm Harbor also was the home course of Hall of Fame golfer Nancy Lopez.

Nicklaus Design’s involvement with the project furthers a relationship with the company and Centex Destination Properties, which has two other Nicklaus Design courses in its family of resorts – Ocean Hammock Golf Club, also in Palm Coast, and Bear Lake Reserve in the mountains of North Carolina.

In August 2005, Centex Destination Properties purchased Palm Harbor Golf Course, The Harborside Inn and Palm Harbor Marina and announced plans for the new Palm Coast Resort. Construction is underway on the new resort, including one to four bedroom residences on the site of the Harborside Inn. The main building overlooking the marina will be comprised of 209 one- and two-bedroom resort residences, restaurants, meeting and banquet space, and will be positioned as a luxury destination resort. More information is available at www.palmcoastresort.com.

In December 2005, Centex Destination Properties also purchased the assets of Ocean Hammock Resort, including the AAA Four-Diamond Award-winning Lodge at Ocean Hammock and the Ocean Hammock Golf Club, a renowned Jack Nicklaus Signature Design Golf Course. Among the accolades the golf course has received include: Top 100 You Can Play, GOLF Magazine; Top 100 Resort Courses, Golfweek; and Top 50 Golf Courses for Women, Golf For Women.

All of Centex Destination Properties’ communities in Palm Coast fall under the umbrella of Ocean Hammock Communities, which also encompasses Cinnamon Beach, The Villas at Hammock Beach, Bulow Shores, Canopy Walk, Tidelands, Palm Coast Resort and Marineland.

Contact:
Karen Moraghan

Hunter Public Relations – East

908/876-5100

kmoraghan@hunter-pr.com

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