2 Florida Real Estate Giants Merge

Florida East Coast Industries ties up with Armando Cordina's Law Firm to become one of Florida's top tandems, Florida East Coast Industries known for railroad and development all over the state finished a deal with Codina a known head of Codina Group,is now named FECI's new chief executive and president of it's real estate part which is Flagler Development. The Henry Flagler founded company has 2 businesses one's the railroad operation which is Florida East Coast Railways and the other is real estate. It was said that the key aquisition of Codina was rooted less that a year aho when his old friend Adolfo Henriquez a former South Florida banker became's FECI's chairman and chief executive. $270 million in stock, debt and land was the said value of the deal which was purchased of course by Codina,The deal is to be expected to be finish within approximately 3 months. FECI's deal to Codina gives them a much bigger frontline in the greater South Beach area whereas land there has became difficult to get. All in all 16.9 million square feet in Miami-Dade and Broward counties will be aquire on the said deal. Codina's current project include's new home for Burger King in the Coral Gables Area and a Town Center which has mix purpose in Doral. Codina's Firm holds 7.2 Million square feet in development that would add to FECI's bag. Art Hatfield Said of Morgan Keegan in Memphis''FECI bought a good company with some good assets, but it also added a person to their board with an impressive resume,'' and that's a plus to Codina, giving that Codina being known as a great commercialdeveloper. Codina also serve the boards of Merrill Lynch, General Motors, BellSouth and AMR, parent company of American Airlines. He founded his company back in 1980. He just becomes FECI's largest share holder. Many Investors responded to the aquisition on Friday, FECI's shares bid up to 3 percent, "FLA," which they used as it's ticker closed at $43.90 a share. Marc Heilwell of Spectrum Advisory Services in Atlant said "This breathes new life into the company," he also owns FECI shares. "It's a well thought-out move.''he adds. $387.1 Million in total revenues and net income of $80.6 million was reported by FECI last 2004.just through Sptember of last year they have already reported $29.2 million in profit, that is 7 percent increase from the same month on 2004. Turks.US Miami Real Estate Sarasota Real Estate

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