April 2, 2007
FOR IMMEDIATE RELEASE 
New Bluegreen Community Near St. Simons Island, Ga. Expected to Commence Sales in Second Quarter 2007
BOCA RATON, Fla.--(BUSINESS WIRE)--April 2, 2007--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today provided additional details regarding its previously announced purchase of 350 acres of land a quarter-mile from its Sanctuary Cove community located near St. Simons Island, Ga. The purchase of this new parcel is expected to allow Bluegreen(R) to offer 294 homesites in this scenic community in the coastal marshes of southeastern Georgia.
As previously mentioned in Bluegreen's fourth quarter financial results press release on March 5, 2007, sales of the new homesites are expected to begin in the second quarter of 2007 and generate estimated life-of-project sales of approximately $63.0 million over an anticipated 4-year sell-out period, based on the Company's assessment of current estimated retail prices and the expected number of homesites to be offered.
The new community will be called Sanctuary River Club at St. Andrews Sound (previously referred to by Bluegreen as Little Satilla River Club at St. Andrews Sound(TM)) and is adjacent to I-95 - 10 miles from shopping and dining in the quaint maritime town of Brunswick, and only 15 miles from the upscale retirement/second-home destination of St. Simons and Sea Island. One of the defining features of the site is the nearly 2.5 miles of frontage on the Little Satilla River. Plans call for community watercraft access to the river and scenic walking trails. Residents of the new community will have the opportunity to purchase memberships at the Bluegreen golf course at nearby Sanctuary Cove.
Bluegreen anticipates that the majority of the new homesites will be 1-acre, although some 2-acre parcels are also expected to be available. Bluegreen expects that many of the new homesites will be heavily wooded and, in keeping with Bluegreen's efforts to preserve as much of the natural topography of the land as possible, will have spectacular views of the surrounding wetlands. Bluegreen plans that just over 50 percent of the homesites will be river-side or marsh-side homesites and roughly 30 percent will be inland lake-side homesites.
"This is spectacular land in one of the most beautiful areas of the South," said Daniel Koscher, President and CEO of Bluegreen Communities. "People looking for a homesite with stunning, unspoiled, natural beauty will find it here." He added, "The community also helps us continue to develop a solid, ongoing book of business in this rapidly emerging market."
John Maloney, Jr., President and CEO of Bluegreen Corporation, stated, "Sanctuary River Club at St. Andrews Sound follows Sanctuary Cove, one of the most successful communities in our history. This latest acquisition reflects Bluegreen's ongoing commitment to filling our inventory pipeline with amenity-rich, in-demand properties, and broadening Bluegreen Communities' presence in the southeastern U.S."
Bluegreen believes that its unique approach of selling homesites directly to consumers offers buyers greater value and more control. Owners are in charge of many key decisions typically made by developers or builders, such as the location of their homesite, the style and size of their home, the builder they choose, and when to build.
Bluegreen Communities is known for being an environmentally sensitive developer. In 2004, the Company pioneered a voluntary environmental program for land developers called the CleanSites Initiative, which was recently recognized and sponsored by the National Oceanic and Atmospheric Administration (NOAA) and the U.S. Department of Commerce.
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With over 170,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 55,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs nearly 5,500 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies. More information about Bluegreen is available at www.bluegreencorp.com.
Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Use of words such as "plan", "plans", "expects", "will," and other forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, risks that the Company's estimated life-of-project sales will not be accurate, risks that the Sanctuary River Club at St. Andrews Sound will not be successful and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2007.
CONTACT: Investor:
Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com
or
Media:
Bluegreen Corporation
Lisa Thornhill, 561-912-8251
Director, Corporate Communications
lisa.thornhill@bluegreencorp.com
SOURCE: Bluegreen Corporation
###
4960 Conference Way North Suite 100
Boca Raton, FL 33431
USA
1-866-203-1426 (Phone)
