ZOL Development Launches Aquatera, a New $300 Million Luxury Residential Community on Florida's Gulf Coast; Master Planned Community to Be Developed on Scenic Highway 30-A in South Walton Beach, FL

Rendering of a portion of Aquatera, a new $300 million residential community on Florida's Gulf Coast (Photo: Business Wire)

HOUSTON--()--April 10, 2006--Houston-based ZOL Development today announced the launch of Aquatera, a new $300 million master-planned luxury residential community on Florida's Gulf Coast.

Aquatera is a 26-acre, architecturally diverse, coastal inspired community that offers a sophisticated resort lifestyle.

The development is located a few steps from the natural beaches of the Gulf of Mexico, on scenic Highway 30-A in South Walton Beach in the Florida Panhandle, recognized as one of the nation's most desirable coastal communities. Aquatera is approximately 20 miles east of Destin, and just a few hours drive from most major Southern metropolitan areas.

Aquatera will be comprised of an intriguing mix of commercial space, single-family homes and condominiums, with winding streets that evoke the intimacy of a small village.

The mixed-use Town Center will feature a unique blend of retail shops and services, while the open-air Common Ground will provide an ideal setting for residents to enjoy cookouts, weekend musical concerts and other special events. Other amenities include bike paths, a natural boardwalk, a community pool, a fitness center, and a private gateway to the Gulf beaches.

Residential offerings include 135 two-story, single-family homes with optional carriage houses, where prices range from $1.15 to $1.6 million; 105 multi-family condominium units offered in low-and mid-rise settings starting at $1.5 million; and Aquatera beach flats ranging from $3.5 to $4.16 million.

In addition, single-family-home lots (typically 40' x 70' feet) are available and priced from $600,000. Buyers may choose their own architect and builder, or utilize ZOL Development's design and construction services.

"Aquatera offers the finest in sophisticated coastal living with a full complement of recreational amenities in a natural, scenic setting," said Jose Lora, president of ZOL Development. "Every aspect of the development has been carefully designed to reflect the latest principles of traditional neighborhood design in a warm, coastal setting. Aquatera will meet the highest standards of quality in planning, design and construction."

Construction is already underway on Aquatera's first phase of 49 single-family home lots, and slated for completion in the spring of 2007. Phase two will include 49 home lots. Phase three will feature 37 home lots, 105 multi-family condominiums, the Town Center, and 18,000 square feet of commercial space.

"Aquatera's residents can explore a 26-mile stretch of pristine beach that has been rated among the best in the world," adds Johnny Earles, President and CEO, Johnny Earles and Company LLC, exclusive sales agent for Aquatera, who has long-promoted this stretch of beach. "Other natural features include rare coastal dune lakes (where salt and fresh water mix) and cypress wetlands."

To ensure that every aspect of Aquatera meets the highest standards, ZOL Development has assembled a strategic project development team led by the New York firm of Hart Howerton, a world renowned firm of architects, landscape architects, and planners.

Aquatera also taps the talents of the finest professionals in the area, including McWhorter Architects, PA, from Seagrove Beach, and Destin-based Lovelace Interiors.

For more information, contact Johnny Earles and Company at 850.267.AQUA (2277) or visit http://www.aquaterafla.com.

About ZOL Development

Houston-based ZOL Development is a leading developer of coastal communities along Florida's panhandle and North America's Gulf of Mexico, known as the 'emerging third coast,' where they are one of the largest owners of gulf-front land in Texas. ZOL Development's portfolio of master-planned communities currently includes Renace on Mustang Island near Corpus Christi, Deseo on South Padre Island and Aquatera at South Walton Beach in Florida's Panhandle. The principals of ZOL have decades of experience within the real estate arena developing projects throughout Texas, Florida, Georgia, Kentucky and Mexico. Their expertise includes new residential communities, condominium conversions, commercial office space, raw land and resort developments. For additional information on ZOL Development please visit http://www.zoldevelopment.com.

Contacts

For ZOL Development
Kreps DeMaria, Miami
Israel Kreps or Tina Menditto, 305-663-3543
ikreps@krepspr.com or tmenditto@krepspr.com

Contacts

For ZOL Development
Kreps DeMaria, Miami
Israel Kreps or Tina Menditto, 305-663-3543
ikreps@krepspr.com or tmenditto@krepspr.com