Naples, Florida Richard J. Baker, President of Lutgert Development, a
division of The Lutgert Companies, announced plans for the development of a
mixed use "Main Street" Center in North Naples.

Opening of The Mercato
(Italian for market) is targeted for mid-2007. The upscale center will be
located on a 53-acre site that both fronts and connects U.S. 41 and
Vanderbilt Beach Road.

"This will be a joint venture with The Barron Collier Companies, and we are
proud and excited to bring this design concept to Southwest Florida," said
Baker. "It is an innovative concept that has been highly successful in
other parts of the country, both for the eclectic and upscale retailers and
restaurants it attracts and for shoppers and diners who appreciate the open
air, 'Main Street' ambience afforded by the design."

The project will target high-end national and regional tenants and will
include strong restaurant, office and residential components. An enclave of
luxury town home and condominium residences will provide an attractive
buffer between the commercial aspects of the center and the residential
areas to the north and east of the site. Class A office space will also be
an integral part of the project. As might be expected, The Mercato will
have an energized pedestrian focus.

"The Mercato is a dynamic project," said Howard Gutman, President of Lutgert
Holdings, a division of The Lutgert Companies. "The unique design concept
and its location in one of the most attractive areas of Naples are already
generating a strong positive response from significant national retailers.
We fully expect The Mercato will further Southwest Florida's reputation as a
preferred destination for shopping and dining and as a preferred place to
live and work. Our working relationship with The Barron Collier Companies
to date is indicative of a mutual desire to create properties that are
consistent with and supportive of the integrity and values of the community.
The Estuary at Grey Oaks property is a perfect example. As a 'first of its
kind' property that will introduce our region to a new retail experience,
The Mercato will certainly make a positive contribution to the overall
ambience that is one of Southwest Florida's prime attractions."

According to Paul Marinelli, President and CEO of the Barron Collier
Companies, The Mercato will play a role in defining the future of North
Naples. "We see this project as an opportunity to complement and enhance
the established lifestyle in the area and to ensure that lifestyle is
maintained. Together with The Lutgert Companies, we will create a new
property that will be a significant and attractive asset for the North
Naples community."

Momentum in construction of new "Main Street" centers has picked up in the
past six or seven years. Representatives from both The Lutgert Companies
and The Barron Collier Companies have traveled extensively to evaluate Main
Street centers around the country, including centers in Arizona, California,
Minnesota, New York and Ohio. Main Street center retailers cater to
households with sophisticated tastes for clothing, home furnishings and
décor, electronics and food. A varied mix of restaurants will add
excitement to The Mercato's Main Street experience.

"Main Street centers are redefining the way we shop," said Baker. "Unique
architectural features, attractive landscaping and an elegant but casual
atmosphere are all conducive to leisure-time visits and casual browsing.
These same attributes create a sense of community and place as well as a
more enjoyable, unhurried shopping experience."

Cooper Carry, an Atlanta based design firm founded in 1960, will provide the
site plan and architectural designs for The Mercato. The Cooper Carry
Retail practice group includes architects, interior designers, landscape
architects and graphic designers with extensive experience in Main Street
centers. Similar center projects undertaken by Cooper Carry include
Wiregrass in Pasco County, Florida, Mayfaire Town Center in Wilmington,
North Carolina and Mizner Park in Boca Raton.

"Our site plan for The Mercato is intended to slow traffic down and to claim
the streets as places for pedestrians that accommodate cars rather than the
other way around," said Angelo Carusi, a Principal of Cooper Carry, the
Atlanta based design firm providing site and architectural plans. "That
approach is in keeping with the relaxed, casual atmosphere that is a Main
Street center hallmark. Amenities such as fountains, street furniture and
significant open space will be conducive to leisure-time activities. The
architectural design will reinforce the sense of place for people by
breaking the building massing down to a pedestrian scale. Many of the
window proportions are intentionally vertical instead of horizontal, which
is an orientation seen in older retail establishments. The aesthetic is one
of a modern yet conservative Florida and reflects the values of the regional
inhabitants rather than historical themes. The building forms and materials
will respond to the play of light created by the Florida sunshine contrasted
against those gorgeous blue skies."

The Lutgert Companies has been developing commercial and residential
properties in the Naples-Bonita Springs area for more than 40 years. The
Company's portfolio includes the award-winning Promenade At Bonita Bay, an
upscale restaurant, retail and office center, and the award-winning Village
At Venetian Bay. The Village is one of Naples' most frequently photographed
landmarks and includes top-tier shops, galleries and restaurants.

"The Promenade and The Village are both preferred shopping destinations for
area residents and visitors," said Dougall McCorkle, The Lutgert Companies'
Vice President - Commercial Development. "The design motif, casual comfort
and eclectic mix of specialty retailers found at The Promenade and The
Village are indicative of The Lutgert Companies' commitment to creating a
unique and pleasurable shopping experience. The Mercato will continue that
tradition and introduce Southwest Florida to an innovative concept that
offers an ambience unlike any other in our area."

Mitchell N. Friedel of RKF Retail Property Advisors in New York City will be
assisting the Lutgert/Barron Collier team in identifying tenants ideally
suited to The Mercato's design and shopping experience philosophies. RKF
Retail Property Advisors is a division of Robert K. Futterman & Associates,
Inc. and specializes in retail leasing, consulting, merchandising and other
services for owners of retail property nationwide. Projects in which Friedel
has been involved include City Place in West Palm Beach, Florida, SouthSide
Works in Pittsburgh and the AOL Time Warner Center in New York City.

"We are delighted the Lutgert/Barron Collier team has chosen RKF Retail
Property Advisors to work with them on The Mercato project," said Friedel.
"We are extremely confident the combination of The Mercato's dynamic
location, overall project quality and our mutual efforts will lead to an
outstanding and successful retail and mixed use development that will
benefit the entire region. The uniqueness of The Mercato's retail,
restaurant, residential and office mix will certainly be attractive to
tenants who have yet to establish a presence in the Southwest Florida
market."

Site work and construction of The Mercato is anticipated to begin in late
2005.

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.