Bluegreen Corporation (NYSE: BXG), a leading timeshare sales, marketing and resort management company, is pleased to announce its Fee-Based Services arrangement with News Place Developers, LLC, owner and developer of The Studio Homes of Ellis Square in Savannah, Georgia, to provide vacation ownership sales, marketing, property management, mortgage servicing, and related services. The Studio Homes will be sold as a component site of the Bluegreen Vacation Club®, allowing Bluegreen owners access to a luxurious resort in the heart of this historic and popular destination.

“We are thrilled to enter into a relationship with The Studio Homes. Savannah is a popular destination request among our owners, and we believe that the beautiful accommodations and prime location of The Studio Homes will make this a desirable new offering for Bluegreen,” explains Wendy Poe, Senior Vice President of Club Services.

“We strategically assembled a talented development group, including Batson-Cook construction, Lynch and Associates architects, and J. Banks Design Group to bring a luxurious resort experience to downtown Savannah,” said Cord Middleton, a principal of News Place developers. “The resort’s one- and two-bedroom suites overlook Savannah’s Historic District, which includes 22 oak laden squares, and 1,600 historic and architecturally significant structures – all within walking distance.”

“This expansion of our fee-based services business is a continuation of efforts that began in 2009,” explains Terry Dodd, Senior Vice President of Development Services for Bluegreen. “We are pleased to bring the appeal of the Bluegreen Vacation Club to the Studio Homes at Ellis Square. We look forward to providing our extensive sales and marketing platform, as well as our expertise in resort management and mortgage servicing to the new property. We believe that this is going to be an exciting relationship.”

“This is the first project we have contracted which was not originally conceived as a timeshare resort,” Dodd continued. “We believe this marks an excellent first step into an untapped market of future opportunities."

Bluegreen Corporation launched its fee-based services business in 2009. The company currently holds relationships with resorts in Arizona, the Bahamas, Florida, New Hampshire and Virginia. The addition of The Studio Homes in Savannah, Georgia, further demonstrates Bluegreen’s commitment to growing its recurring fee based business, which requires minimal capital investment.

"Our firm interviewed many of the major players in the industry, and we chose Bluegreen because they were the most willing to collaboratively develop a sales plan that considered our needs,” said Chad Wright, President for News Place Developers. “In addition, their team felt more like an extension of ours, and this fact helped mitigate some transitional risk for us.”

ABOUT BLUEGREEN CORPORATION

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is a leading timeshare sales, marketing and resort management company. Bluegreen Resorts manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 160,000 owners, over 59 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. For more information, visit www.bluegreenonline.com.

Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. 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, credit market, competitive and other factors affecting the Company and its operations, markets, products and services; fee-based service initiatives may not be successful and will not grow or generate profits as anticipated; the addition of new resorts to the Bluegreen Vacation Club through our fee-based services business may not have the positive impact on our products, services and Club owner base as anticipated; and the risks and other factors detailed in the Company’s SEC filings, including its Quarterly Report on Form 10-Q for the period ended September 30, 2011.

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