SOURCE: BBX Capital Corporation

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April 23, 2014 11:15 ET

BBX Capital Real Estate Announces Joint Venture Agreement With New Urban Communities

Joint Venture to Develop the Village at Victoria Park

FORT LAUDERDALE, FL--(Marketwired - April 23, 2014) - BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX), announced today it has entered into a joint venture agreement with New Urban Communities to develop the Village at Victoria Park. 

The Village at Victoria Park, located near downtown Fort Lauderdale, Florida, in the highly desirable Victoria Park neighborhood, will be built on a 2.3 acre parcel previously a part of the original BankAtlantic headquarters site. The community will consist of 30 highly amenitized two story cluster homes with private courtyards. Both Santa Barbara and Bermuda architectural styles will be offered. Homes will have 3-4 bedrooms, as well as two car garages, ten foot ceilings, impact glass, gourmet island kitchens, and open floor plans. Optional features will include plunge pools and summer kitchens. The Village at Victoria Park, a gated community, is close to shopping, restaurants, the beach, Las Olas and downtown Fort Lauderdale. 

"We are pleased to partner with New Urban Communities on a one of a kind project in east Fort Lauderdale," commented Mr. Seth M. Wise, the President of BBX Capital Real Estate, a division of BBX Capital.

The project is a 50%-50% joint venture, with New Urban Communities, BBX Capital's joint venture partner, serving as the developer and manager. BBX Capital sold the land to the joint venture for $3.6 million in cash. Development and Construction financing is being provided by Seacoast National Bank.

The Village of Victoria Park is currently scheduled to commence construction and sales in the second quarter of 2014. Closings are anticipated to begin by the third quarter of 2015. For further information or to join the waiting list, please call New Urban Communities at 954-524-8001.

About BBX Capital Corporation:  
BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% respective interest in Bluegreen Corporation; a vacation ownership company with more than 60 owned or managed resorts, 225,000 owners and 5,000 employees.

As of December 31, 2013, BBX Capital had consolidated total assets of $431.1 million, shareholders' equity of $302.4 million, and its book value per share was $19.00. For more information, visit www.BBXCapital.com

About BFC Financial Corporation:
BFC (OTCQB: BFCF) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation (NYSE: BBX) and a 54% indirect ownership interest in Bluegreen Corporation. As of December 31, 2013, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $239.4 million, and total consolidated equity of approximately $422.4 million. For more information, visit www.BFCFinancial.com

About New Urban Communities:
New Urban Communities was founded in 1998 by Tim Hernandez and Kevin Rickard. The company specializes in urban infill and redevelopment and is well known for pioneering communities in Delray Beach, Wilton Manors, Fort Lauderdale, Jupiter and Miramar. New Urban synthesizes the techniques of custom and production home building with timeless principles of community design to deliver high quality, high value homes and neighborhoods while respecting and engaging existing natural and built environments. Walkability, lush landscaping and classic architecture with porches and balconies are hallmarks of New Urban's neighborhoods. New Urban was years ahead of the competition in building green homes and communities close to where its customers work and play. More information on how New Urban is changing the way people live in South Florida, one community at a time, is available at www.newurbancommunities.com.

For further BBX Capital information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corp.: www.BluegreenVacations.com
Renin Corp.: www.ReninCorp.com
Hoffman's Chocolates: www.Hoffmans.com, www.BocaBons.com, and www.GoodFortunes.com
Williams & Bennett: www.WilliamsandBennett.com
BFC Financial Corp.: www.BFCFinancial.com

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include (but are not limited to) words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. Future results could differ materially as a result of a variety of risks and uncertainties, including that the development will not be constructed as contemplated, in the time frame anticipated, or at all, and that the Company's anticipated investments in real estate joint ventures may not achieve the returns anticipated or may not be profitable. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting BBX Capital detailed in the Annual Report on Form 10-K, including Item 1A. Risk Factors, which is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive. 

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