Flagler Development Company (Flagler), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc. announced the execution of a long-term lease agreement to build a 60,000-sq.- ft. (5574 sq m) build-to-suit for Corinthian Colleges Inc. Florida Metropolitan University (FMU) will occupy the build-to-suit, which will be located in Phase II of Gran Park at SouthPark in Orlando, FL.

Construction for the university is scheduled to begin in February 2003 with completionplanned for the fourth quarter of 2003. The general contractor is Brasfield and Gorrie LLC.

"We look forward to starting the secondphase of this successful Central Florida park with FMU’s facility," said Roy A. Lilley,

Flagler’s senior vice president and regional development officer for north Florida. "In addition, Flagler has begun pre-developmentactivities on 1000 SouthPark, a new Class-Aoffice building with 140,000 sq. ft. (13006 sq m) that will be constructed adjacent to the FMU facility. Ten buildings are planned for thisnew phase of Gran Park at SouthPark, withthese two buildings serving as the anchor for future growth."

For more information, visit the Company’s Web site at http://www.feci.com.

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