Flagler Development Group Announces the First Industrial Condo Building at the Village at Beacon Lakes is 75 Percent Pre-sold

JACKSONVILLE, Fla., Nov. 1  /PRNewswire-FirstCall/ -- Flagler Development Group ("Flagler"), the commercial real estate arm of Florida East Coast Industries, Inc. (NYSE:FLA) ("FECI"), has pre-sold 75 percent of the first industrial condominium building in the Village at Beacon Lakes. Construction is expected to be completed in December 2006. With the success of the first building, plans are to start a second building soon.  The Village at Beacon Lakes is a joint venture project between Flagler and AMB Property Corporation (NYSE:AMB).

The condominium development is suited to small business owners who want to own their own space. It offers the ongoing benefits of ownership in South Florida's Airport West market, one of the fastest growing areas in the region. The Village at Beacon Lakes is designed in a Mizner Park-style architecture.

"The condo market in South Florida continues to offer the small business owner an opportunity to control their own destiny while building their net worth.  Beacon Village offers all of the above in a Class A Industrial Park in the hot Airport West Market within Miami Dade County," said Rafael Romero, Project Director for Beacon Lakes.

Beacon Lakes, located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike, is a master planned 480-acre business park located in Miami's Airport West market. The project comprises over 6.6 million square feet of industrial use with a full complement of office, retail and service elements to support the business park.

Flagler Development Group (Flagler) owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 1,056,700 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party management (approximately 10.5 million square feet) and brokerage services and owns 828 acres of entitled land in Florida, which is available for development of up to an additional 15.8 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. For more information, visit the Company's website at http://www.flaglerdev.com/.

Florida East Coast Industries, Inc., (FECI) headquartered in St. Augustine, FL, conducts operations through Flagler Development Group (Flagler) and Florida East Coast Railway, L.L.C. (FECR). FECI conducts its real estate operations through Flagler which owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 1,056,700 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party brokerage and property management (approximately 10.5 million square feet) services and owns 828 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. Florida East Coast Railway, L.L.C. (FECR), a subsidiary of FECI, is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce and Miami. For more information, visit the Company's website at http://www.feci.com/.

AMB Property Corporation.(R) Local partner to global trade.(TM)

AMB Property Corporation(R) is a leading global developer and owner of industrial real estate, focused on major hub and gateway distribution markets throughout North America, Europe and Asia. As of September 30, 2006, AMB owned, or had investments in on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 124.8 million square feet (11.6 million square meters) and 1,109 buildings in 42 markets within eleven countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution(R) facilities-industrial properties built for speed and located near airports, seaports and ground transportation systems. For more information, visit the Company's website at http://www.amb.com/.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include the Company's present expectations or beliefs concerning future events. These statements may be identified by the use of words like "plan," "expect," "see," "aim," "believe," "project," "anticipate," "intend," "estimate," "will," "should," "could," "may," and other expressions that indicate future events and trends. The Company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties that could cause actual results to materially differ from those contained in these forward-looking statements. Important factors that could cause such differences include, but are not limited to, changes in the general and local real estate market or in general economic conditions, and other risks inherent in the real estate business. Further information on these and other risk factors is included in the Company's filings with Securities and Exchange Commission, including the Company's most recently filed Forms 10-K and 10-Q. The Company assumes no obligation to update the information contained in this news release, which speaks only as of its date. 

DATASOURCE: Florida East Coast Industries, Inc.



CONTACT:  Investors, Bradley D. Lehan of Florida East Coast Industries,

[phone]; or Media, Rosemary Jackson of Flagler Development Group,

[phone]



Web site: http://www.flaglerdev.com/

http://www.amb.com/

http://www.feci.com/

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