New Clearwater Beach condominium project, Marquesas, receives financing to begin construction

JMC Communities closes $81 million loan with AmSouth Bank

CLEARWATER, Fla. (August 08, 2006) – JMC Communities, an award-winning St. Petersburg-based developer specializing in luxurious waterfront communities, announced today an $81 million loan commitment has been closed and funded by AmSouth Bank to begin construction on its newest community on Clearwater Beach, Marquesas.  This agreement will provide financing for the first phase of construction. JMC has partnered with AmSouth Bank on several other development projects including Belle Harbor, Mandalay Beach Club and Sandpearl on Clearwater Beach and Minorca on New Smyrna Beach.

“We are excited once again to be teaming up with AmSouth Bank on one of our projects on Clearwater Beach, said Michael Cheezem, founder and chief executive officer of JMC Communities. “Marquesas will bring more residential activity to the area and will have a positive impact on the redevelopment on Clearwater Beach. Securing our financial partner has made this project a reality.”

Marquesas will feature two 15-story towers with 142 beachfront residences and six penthouses. Inspired by the French Polynesian islands in the South Pacific, the community will be located on Clearwater Beach at the site of the Holiday Inn SunSpree hotel at 715 S. Gulfview Blvd. The hotel closed on July 31.

The six-acre site has 700 feet of direct beach frontage. The residences will be some of the largest homes offered on the beach, ranging from 1,675 to 2,579 square feet of interior space, while the penthouses range from 3,100 to 4,687 square feet. The community plans many amenities including a two-story lobby entry, social room, club room, beachfront terrace, fitness room, catering kitchen, billiard room, private beachfront cabanas, sauna, garden pavilion, outdoor fireplace, barbeque, recreation lawn, swimming pool, whirlpool spa, reserved covered parking and gated entry.

“We at AmSouth are extremely proud to be a part of JMC Communities condominium project,” said Jeff Cash, executive vice president of AmSouth Bank. “We believe this will be another successful community JMC has developed on Pinellas County beaches.”

Groundbreaking for Marquesas is anticipated for early 2007 following disconnects and demolition, with plans for completion of the first building in late 2008. The sales center is located across from the development site at 770 S. Gulfview Blvd. Prices will begin at just under $1 million.

Greenfield Partners, David Mack Properties and Lane Hospitality are also financial partners on the project.

Founded by J. Michael Cheezem in 1978, St. Petersburg-based JMC Communities is recognized as one of the top multi-family community developers in Florida. With a strong reputation for innovation, integrity and quality, JMC is committed to enriching the lives of its residents through exceptional living environments by developing communities that provide peace of mind, comfort and enduring pride of ownership. JMC is committed to providing unsurpassed value at a high level of quality from site acquisition to property management. The firm serves as its own general contractor, and is focused on quality “vertical integration,” where a project team is always in place – from the architect and project manager to the landscape architect and interior designer. Innovative design, thoughtful home planning, attention to detail and quality craftsmanship customer service are provided by JMC to all customers through every phase of construction.

JMC has built more than 3,800 quality condominium homes. Projects include Mandalay Beach Club, Belle Harbor and Sandpearl Resort on Clearwater Beach, The Bellamy on Bayshore in Tampa, The Florencia in St. Petersburg, The Grande and The Meridian on Sand Key and Minorca in New Smyrna Beach. Several other projects are currently underway including Marquesas on Clearwater Beach, Ovation in downtown St. Petersburg and The Strand on Daytona Beach Shores.  For more information please visit www.jmccommunities.com or call 727-823-0022.