Gibraltar Homes Reaches Agreement with BBT on Legends Bay Property

SARASOTA, FL, January 20, 2011

Gibraltar Homes is pleased to announce that it has reached a settlement agreement with lender BBT in regard to property owned at the prestigious Legends Bay at IMG Academies.

Gibraltar currently owns nine lots in the northwest Bradenton community, financed by lender BBT. After a period of negotiation, Gibraltar and the bank have agreed on confidential terms that will allow the company to proceed with plans to sell homes and homesite packages at attractive prices and make a reasonable profit.

"This agreement creates a win-win situation for everyone involved," said Albert Sanchez, President of Gibraltar Homes. "When property values fall 30 to 40% as they have over the last several years, developers, builders and their lenders must work together to maximize the result for all parties. The priority must always be to offer high quality homes on beautiful homesites at great value to the customer. We are looking forward to a successful 2011 in Legends Bay."

Gibraltar Homes is an approved builder in Legends Bay, a gated community nestled along the shore of Sarasota Bay, just off El Conquistador Parkway. Home and homesite packages range from the high $300s to custom waterfront estates starting at $1.5 million. The community features a unique blend of Spanish Revival and Venetian architecture along with a luxurious community clubhouse with swimming pool.

Residents also enjoy access to the nearby IMG Academies Golf and Country Club. Gibraltar offers eight distinctive floor plans in Legends Bay, ranging from 2010 square feet to over 3800 square feet, as well as a full spectrum of custom home design services.

About Gibraltar Homes
Gibraltar Homes has earned a reputation for building homes with superior architectural designs, exceptional workmanship, energy conservation, environmental sensitivity, attentive customer service, and the quality and investment value to last a lifetime. Gibraltar designs custom homes with their award-winning architectural department and has a tremendous selection of designs to fit an array of homesite sizes and budgets. As a member of the Green Building Coalition and winner of multiple Aurora, Parade and Builder Magazine awards, Gibraltar builds custom on-your-lot homes as well as in the most sought-after communities in the area, including seven villages in Lakewood Ranch, Legends Bay, Legends Cove, Palmer Ranch, The Forest at Hi Hat Ranch and Bougainvillea Place. Luxury at every size is a hallmark of the Gibraltar brand -- whether that is an estate home, villa, townhome, coach home, or traditional single family home. Gibraltar Homes is particularly proud to note that its Paula Creamer waterfront home was recently selected as the Sarasota Orchestra Designer Showcase Home which has become the major fundraiser for the youth orchestra's scholarship program.

For more information about Gibraltar Homes and its collection of custom home plans, visit gibraltarhome.com.