THE LUTGERT COMPANIES AND THE BARRON COLLIER COMPANIES ANNOUNCE WHOLE FOODS MARKET® SIGNS LEASE FOR NAPLES LOCATION

Naples, Florida The Lutgert Companies and the Barron Collier Companies announced that Whole Foods Market, the world’s leading natural and organic foods supermarket, has signed a lease for a new 50,000 square-foot store to be located at The Mercato subject to zoning approval by the Collier County Board of County Commissioners. The Mercato is a main street based concept being developed on a 53-acre site that both fronts and connects U.S. 41 and Vanderbilt Beach Road in North Naples. The mixed-use, upscale, pedestrian-friendly center will include retail and office space along with restaurants and an enclave of luxury town home and condominium residences. Opening of The Mercato (Italian for market) is targeted for late 2007. The center is a joint venture of The Lutgert Companies and The Barron Collier Companies.

“Whole Foods Market is an ideal match for the overall concept of The Mercato,” said Dougall McCorkle, Vice President Commercial Development for The Lutgert Companies. “Their passion for quality and service and the contemporary, easy to shop nature of their stores offer a unequaled shopping experience that will resonate with consumers who visit The Mercato. We are looking forward to bringing Whole Foods Market to Naples. They provide an important anchor to the ‘lifestyle’ based development of The Mercato, a place where people can shop, dine, live and work.”

“Our number one goal is to provide the Naples community with the freshest, most flavorful, highest quality products in a contemporary, easy-to-shop store,” said Juan Nunez, president, Florida Region. “Whole Foods Market is passionate about delicious food and we seek out the best foods locally and from around the world.”

The new supermarket will combine the expertise and advantages of a farmer’s market, a gourmet store, a grocer, an old fashioned butcher, a fishmonger and a team of chefs making the finest restaurant-quality meals - all under one roof. The store will employ approximately 150 people.

“Our Whole Foods Market store in Naples will be an exciting destination to celebrate and enjoy eating and living well,” Nunez commented. “We look forward to joining and becoming a part of the Naples community in 2007.”

Site work and construction of The Mercato is anticipated to begin in early 2006.The Lutgert Companies has a long history in Naples and Southwest Florida. For the past four decades, the company has earned a reputation for quality and excellence and continues to set the standard for the finest developments. In addition to The Promenade at Bonita Bay and The Village at Venetian Bay, the company’s signature developments include grocery-anchored centers such as Neapolitan Way and Crossroads Market, and Class A office buildings such as the Northern Trust Building. The Lutgert portfolio of residential developments includes 17 luxury high rise condominiums on Park Shore Beach, four luxury high rise condominiums in Bonita Bay, and Linville Ridge, an exclusive mountaintop golf course community in North Carolina.

The Barron Collier Companies’ heritage dates back to the early 1900’s with the purchase of 1.3 million acres in Southwest Florida, much of which would later become Collier County. As a major landholder in Florida, The Barron Collier Companies has strategically located properties that are ideally suited to commercial and residential development. The company’s community roots run deep and it has significant expertise in master-planning both residential and commercial properties. The Barron Collier Companies’ portfolio includes shopping developments at Granada Shoppes, Creekside Commerce Park and Magnolia Square and Class A office space at the Quarles and Brady Building, Poinciana Professional Park and Premier Executive Center. Residential properties include Grey Oaks Country Club, LaPlaya Beach and Golf Resort and Ave Maria Town, which is in pre-development.

The Lutgert Companies and The Barron Collier Companies are also partners on The Estuary at Grey Oaks, one of Naples’ most exclusive residential country club developments, as well as other commercial ventures.