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JMC COMMUNITIES HOSTS TOPPING-OFF CELEBRATION FOR THE SANDPEARL RESORT ON CLEARWATER BEACH

CLEARWATER BEACH, FL (September 28, 2006) –In an event marking a major milestone in construction, JMC Communities hosted the Topping-Off celebration last week for the first new beachfront resort on Clearwater Beach in over 25 years -- the Sandpearl Resort, which opens in June 2007. 

The event was attended by city officials, including Clearwater Mayor Frank Hibbard, representatives from the local chamber of commerces and CVB, and condominium purchasers in the future Sandpearl Residences, as well as representatives of the project, including J. Michael Cheezem, CEO of JMC Communities and John Ayres, Chairman of Coral Hospitality, who will manage the resort.

Nearly 100 guests attended the event, held in the future location of the resort’s signature restaurant, Caretta on the Gulf. The event also featured the unveiling of a 150-foot street level mural (reprinted on canvas) created by the Dunedin Fine Art Center’s summer Art Squad of 11 and 12 year olds. The mural, currently being displayed at the north end of the resort site along Mandalay Avenue, features images depicting the youth’s perception of the beach and ocean.

“Topping off the Sandpearl Resort signifies a major milestone not only for JMC Communities and Hensel Phelps Construction, but also for Clearwater Beach and Pinellas County,” said J. Michael Cheezem, CEO for JMC Communities. “This resort will usher in a new era of tourism for Clearwater Beach, and will make a significant impact within Pinellas County both with jobs and tourism dollars.”

The Sandpearl Resort will feature 253 luxury rooms; an 11,000 sq. ft. full-service spa, fitness center and beach club; 9,000 sq. ft. of retail space along Mandalay Avenue; fine dining with views of the Gulf of Mexico; 25,000 sq. ft. of meeting and event space; and 117 condominium homes, all situated on a 5.5 acre tract of land including 700 feet of direct beachfront.

In addition to the 150 to 250 construction-related jobs created by the project, the Sandpearl Resort will bring in 110,000 to 135,000 visitors annually, creating not only 300 to 500 hotel-related jobs, but also $30 to $40 million in tourism dollars spent by guests both at the resort and in the local community.

The Sandpearl Resort is being developed by JMC Communities of St. Petersburg, Fla., and is managed by Naples, Fla.-based Coral Hospitality. Other project partners include the Hunter Hotel Group and Greenfield Partners.

Founded in 1978, JMC Communities is a Florida-based real estate development company specializing in premier waterfront residential properties that preserve and accentuate the state’s natural beauty and uniqueness. JMC Communities has developed more than 3,700 waterfront condominium homes in Florida, including many highly successful developments in the Gulf Coast area.

Coral Hospitality is a full service management company with a diverse portfolio of resorts, hotels, condominiums, private golf and tennis clubs and community associations. Currently managing a collection of 35 properties throughout Florida and Georgia, Coral operates each with a core belief in providing thoughtful service in unique surroundings.

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Media Contact:
Amanda Jackson
YPB&R Public Relations
(407) 838-1812
amanda.jackson@ypbr.com

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