PALM COAST, Fla - June 10, 1998 - One of the last large, unspoiled tracts on Florida's Northeast coast is destined to be one of the East Coast's most remarkable resort communities.

"Ocean Hammock will provide a totally integrated residential, golf, dining and leisure experience for the entire community unique to any oceanfront resort environment in existence today," said John Gantt, Ocean Hammock's senior vice president for sales and marketing. "This could be the last great oceanfront resort in Florida. There is not another piece of property like this one along the Atlantic Coast between South Carolina and the southern tip of Florida."

Ocean Hammock, located between historic St. Augustine and Daytona Beach, will be a seaside village of single family homes, townhomes and villas along more than two and one-half miles of unspoiled beach. The entire community will comprise approximately 1,000 acres. The village is designed around a planned Jack Nicklaus Signature golf course, which, when complete in 1999, will have several holes on the ocean. The oceanfront holes will be raised to provide golfers an unobstructed ocean view.

Utilizing such prime oceanfront property for a golf course is unusual for a developer. So unusual that Jack Nicklaus has said that the course will be "worthy of international acclaim." Construction of Ocean Hammock's infrastructure has begun and only 20 of the 50 oceanfront homesites remain for sale. Most of the buyers are from the Atlanta area, which Gantt attributes to marketing efforts in that area. "Atlanta residents have seen nearby oceanfront property go up in price very fast, so they are more inclined to take advantage of Ocean Hammock's pre-construction pricing," Gantt said.

Included in the overall Ocean Hammock development plan is a 90-room Ocean Hammock Inn and Club, located near the beach. The Inn and Club will contain approximately 150 condominium residences, plus restaurants and lounges. The master plan also calls for the Ocean Hammock Beach Club, featuring ocean views and boardwalk access to the beach. Complementing the adjacent swimming pool will be areas reserved for volleyball and shuffleboard. A health club and fitness center is also part of the plan, as well as bicycle and walking trails. Nearby will be a conference center with a variety of meeting facilities for a small and medium-sized groups.

The development of Ocean Hammock is being managed by Ocean Ridge Palm Coast Corporation, a division of Lowe Enterprises. Lowe Enterprises is a real estate investment management and development firm headquartered in Los Angeles. Since its inception 24 years ago, Lowe has been responsible for more than $3.5 billion in assets. The firm is involved in many developments throughout the United States, including resort properties in Maui, Hawaii; Sun River, Oregon; Aspen and Vail, Colorado; Palm Desert, California; and Charleston, South Carolina. For more information on Ocean Hammock, call 904/446-5584 or 888/515-4579.