Doral, Fla., to See Mixed-Use Development

Residential community would cover 120 acres, mix in retail

JACKSONVILLE, Fla., Aug. 31 /PRNewswire-FirstCall/ -- Flagler Development Group ("Flagler") the commercial real estate arm of Florida East Coast Industries, Inc. (NYSE: FLA) ("FECI"), today announced the launch of Downtown Doral, a 120-acre mixed-use development destined to become a true city center for the new city of Doral. "Downtown Doral will be vital to Doral because it is creating a true city center which will allow people to live near their work, an option that Doral has been longing for," said Armando Codina, President and CEO of Flagler. The development is a joint venture with institutional investors advised by JPMorgan Asset Management - Real Estate. The venture holds an exclusive option to acquire and redevelop 77 acres within the 120 acre project.

Over the next seven to ten years, Flagler, in tandem with a world-renowned team of architects, urban planners and landscape architects, will transform the 120-acre parcel into a vibrant, meticulously planned live-work-play community that is to be the heart of the City of Doral.

The mixed-use development will rise on the site of the former Koger Center, now Doral Center, and will include residential condominiums and town homes, retail shops and restaurants, Class-A office buildings, parks and open spaces, a site for a new school and possibly a new city hall for the City of Doral.

Downtown Doral lies on both sides of NW 53rd Street between NW 87th Avenue and NW 79th Avenue.

The development's mix of residential, offices and retail includes 2,840 residential units, 180,000 sq ft of retail space, and 400,000 sq ft of new class 'A' office space that will lend itself to national tenants for either a corporate or regional headquarters.

Downtown Doral will also feature a three-acre park for public enjoyment, tree-lined streets and medians, and a main boulevard called Paseo Doral, which will include townhouses complemented with beautiful landscaping, fountains and shade pavilions.

Perpendicular to Paseo Doral will be Downtown Doral's Main Street, a vibrant mix of restaurants and shops, cafes and store fronts.

Downtown Doral will be built in phases as the market demands. The project's initial phase includes a 70,000 square foot class 'A' office/condominium and two residential condominium offerings.

The office condominium, 7950 Professional Center, will be a fully- renovated office building, and will offer a broad range of office space options, from 900 sq ft suites, to full floors of 23,000 sq ft. Prices start at the mid $200's per square foot. The building has ample parking and a highly visible location on the corner of NW 79th Avenue and NW 53rd Street.

The first of the residential condominium components is Cardinal a 16- story, 205-unit luxury residential building overlooking the Doral Golf Resort and Spa's White Course and the Blue Monster. The residential tower will include a pool and exercise room at the amenity level. The Cardinal will also feature townhomes with entry stoops along the adjoining streets. Prices for the residential condominiums will range from $300,000 to over $1,000,000, with units ranging in size from 640 sq ft to 2,900 sq ft.

The second residential condominium offering is a four-story building that will feature 224 residential units ranging in size from 700 to 1,300 sq ft. Prices will begin in the mid $200's. Sales for both residential projects will commence later this year.

"This project will have a true pedestrian orientation and will take the best of Florida's architecture from past and present, providing a center - a heart - for Doral. This project will not only have an enormous impact on Doral, but also on Miami-Dade, for not only years, but for generations to come. It will simply revolutionize the way people live in Doral," says Codina.

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