David Weekley Homes Enters Ft. Myers Florida Market

by David Weekley Homes

David Weekley Homes, one of the nation's leading Home Builders, announced today it has entered the Ft. Myers, Fla. market through the acquisition of substantially all of Coastland Homes, Inc.'s assets.

The assets were acquired by David Weekley Homes, dba Coastland Homes, a new company owned by David Weekley Homes and OJ Buigas, a well-known Ft. Myers real estate developer, with Weekley being the majority owner. The acquisition of Coastland Homes, Inc. will close today. The employees of Coastland are now team members of David Weekley Homes. Shad Tome, previously the Project Manager for Weekley's successful operations in Disney's Celebration community near Orlando, has assumed the position of City Manager for the Ft. Myers operations.

"We are thrilled to be entering the Ft. Myers market," commented David Weekley, Chairman of David Weekley Homes. "With the strong Florida housing market, this business venture is a great opportunity to offer more Floridians an exceptional homebuying experience."

David Weekley Homes, founded in 1976, is headquartered in Houston and operates in 18 cities, including Tampa, Orlando, Jacksonville and now Ft. Myers in Florida. David Weekley Homes was the first builder in the United States to be awarded the Triple Crown of Homebuilding, America's Best Builder, National Builder of the Year, and the National Housing Quality Award. It was named one of the Top 100 Companies to work for in America for the past three years by Fortune Magazine. In 2001 David Weekley Homes sold over 3,400 homes with revenues exceeding $900 million.

Coastland Homes has served the Ft. Myers/Cape Coral market with award winning products and superior service since 1999. Coastland Homes, as a division of David Weekley Homes, will continue to contract for construction of homes on lots owned by its customers (Build On Your Lot) as well as for sale of homes on company-owned lots. The Company believes that it can ultimately achieve sales volume of 300 units per year in the Naples/Ft. Myers corridor.

Houston-based David Weekley Homes, Texas' largest, privately owned, single-family Home Builder, as well as the third largest, privately owned Home Builder in the U.S., is engaged in the design, construction, marketing and sales of single-family detached homes. David Weekley Homes currently builds in in 18 markets across the nation, including Atlanta, Austin, Bluffton/Hilton Head, Charleston, Charlotte, Dallas/Ft. Worth, Denver, Fort Myers, Houston, Jacksonville, Orlando, Palm Coast, Panama City, Phoenix, Port Charlotte, Raleigh, San Antonio and Tampa. For more information about David Weekley Homes, visit the company's Web site at www.davidweekleyhomes.com.