New Owners Relaunch Skywater Over Horseshoe Bay

Jack Nicklaus Signature Golf Course Will Anchor Luxury Residential Community
in Texas Hill Country

HORSESHOE BAY, Texas, Sept. 1 /PRNewswire/ -- In a positive sign for the Texas
Hill Country economy, the new owners of Skywater Over Horseshoe Bay will break
ground Friday, Sept. 4, on a Jack Nicklaus Signature Golf Course, which forms
the backbone of the 1,618-acre residential community.

A real estate investment group assumed control of Skywater earlier this
summer. The group, known as SW Ownership LLC, is backed by several well-funded
investment firms from Dallas, New York and Connecticut. SW Ownership has
engaged Skywater Management, an affiliate of Southstar Development Partners,
to develop, market and sell the project through completion. The International
Bank of Commerce (IBC) San Antonio is the primary lender for Skywater's
relaunch and build-out.

The groundbreaking - being held at the future 14th hole of the Jack Nicklaus
Signature Golf Course - will be attended by current owners of Skywater lots
known as "Founders"; Texas Hill Country dignitaries; officials of the
Horseshoe Bay Resort; local business owners; and representatives of the new
ownership group. Ninety-four of the lots at Skywater have been sold, and
several homes have been completed.

"SW Ownership is committed to the long-term success of Skywater," Bill
Cargill, a representative of SW Ownership, said. "Our first order of business
is to complete the Jack Nicklaus Signature Golf Course, which promises to be
the premier golf course in Horseshoe Bay. With the golf course under way, we
expect the lots in Skywater to be in high demand."

Skywater offers panoramic views of Lake LBJ and the Texas Hill Country, and
will feature about 1,200 sites for single-family homes, villas and
condominiums. With other lakes in the Highland Lakes area at near record-low
levels due to the extended drought, Skywater's location on constant-level Lake
LBJ is a particular benefit to residents.

The Jack Nicklaus Signature Golf Course, called Summit Rock Golf Course, will
wind through the community, offering dramatic vistas and interesting elevation
changes to challenge the most seasoned players. Nicklaus designed the course
to take full advantage of the topography, yet create a golf course that is
playable at all skill levels.

In addition to its on-site golf course and clubhouse, amenities at Skywater
will include a private recreation center with a resort-style pool and fitness
center and more than seven miles of hiking trails. Skywater lot owners will be
offered full membership privileges (with no initiation fees) to the
neighboring Horseshoe Bay Resort. The resort has three renowned championship
Robert Trent Jones Sr. golf courses (Slick Rock, Apple Rock and Ram Rock), two
clubhouses, a fitness center, a spa, a yacht club and full-service marina,
extensive tennis facilities, a 349-room Marriott hotel, and a private airport
and jet center.

"Lot owners will make their primary or secondary homes at Skywater for what's
here, like Lake LBJ and the Hill Country, and for what's not here - big-city
hassles such as traffic and pollution. Skywater is where small-town charm
meets luxury, comfort, carefree living and quality golf," Jay Fertig, a
representative of Skywater Management, said. "Many of our buyers belong to
multiple golf and country clubs but really want to make Skywater their home
course."

Lots range in size from one-third of an acre to 8 acres, with prices between
$140,000 and $500,000 each. Each of the enclaves will be gated, creating
"neighborhoods within a neighborhood."

"IBC Bank is proud to be part of this project," Richard Capps, executive vice
president of IBC Bank - San Antonio, said. "We are working in close
partnership with the new ownership and management, and we would not have
undertaken the financing of the development if we were not supremely confident
that they have developed a sound foundation for success. IBC prides itself in
being a part of the continual development of Horseshoe Bay and Marble Falls."

Stringent architectural standards govern the style of single-family homes that
can be built at Skywater. Each home must be built in one of five styles:
Mission-Santa Fe, Mission-Spanish Hacienda, Mediterranean, Hill
Country-Contemporary or Hill Country-Germanic.

"The layout of each lot will preserve the Hill Country views and the curb
appeal of Skywater," Thad Rutherford, a representative of Skywater Management,
said.

Green building techniques are encouraged at Skywater. In fact, 40 percent of
the community is dedicated to open space. Among the environmental highlights
of Skywater are rainwater collection systems, self-sustaining irrigation
systems, organic gardens, and extensive use of natural, indigenous materials.

About Skywater Management LLC
Skywater Management LLC is an affiliate of Southstar Development Partners
Inc., a firm that has developed communities in the Dallas Metroplex and
throughout Florida. The firm's primary activities include the analysis,
financing, acquisition, planning and marketing of real estate for both
residential and commercial uses. Communities in the Dallas area include The
Trails of West Frisco, a master-planned golf course community with a community
center and an extensive walking trail system; Pearson Farms, a community with
lakes, walking tails and open spaces; and Country Club Ridge, featuring home
sites overlooking The Trails Golf Course in Frisco.

For more information, visit www.southstardevelopment.com.

Contact: Meg Meo, 512-494-2867,
mmeo@echristianpr.com or
John Egan, 512-494-2871,
jegan@echristianpr.com

SOURCE Skywater Management LLC

Meg Meo, +1-512-494-2867, mmeo@echristianpr.com, or John Egan,
+1-512-494-2871, jegan@echristianpr.com, both for Skywater Management LLC