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Consolidated-Tomoka Reports Auto Mall Sale

7 November 2000

Consolidated-Tomoka Reports Auto Mall Sale

    DAYTONA BEACH, Fla., Nov. 6 Consolidated-Tomoka Land Co.
(Amex: CTO) reported today that it had completed the sale of a 66 acre site
for approximately eight (8) million dollars located in the southwest quadrant
of the LPGA Interchange on Interstate 95. Immediately after this sale, the
developer, Metropolitan Contractors Inc. (MCI) of Birmingham, AL, through its
affiliate, Daytona Beach Auto Mall LLC, sold the Auto Mall's first three
dealership sites to Gary Yeoman Ford, Speedway Dodge/Kia and Nissan Isuzu of
Daytona. Construction on these dealerships will start shortly. A 5 lot
commercial area is being developed concurrently by MCI for restaurants, hotel
and other uses.
    Construction of a one mile segment of Tomoka Farms Road which will serve
as the entrance to both projects, and the clearing of the dealership sites
began a month ago as part of a pre-closing agreement in order to expedite
completion of the project in about 12 to 14 months.  The Haskell Company of
Jacksonville is building the road and preparing the dealership sites.
    The Auto Mall was designed by a noted California Auto Mall architect and
will be the first such auto mall shopping experience in Florida. The Auto Mall
will draw customers from a much larger geographic area and provide them with
the convenience of viewing a diverse inventory of automobile brands in a
customer-friendly environment.  A second phase of the Auto Mall, which will
include many additional dealerships, is now under design and permitting.
    William H. McMunn, President and Chief Operating Officer, stated that,
"the Daytona Auto Mall will represent today's most desirable approach to
locating auto dealerships."  He further stated that "this project takes on a
significance beyond the current and immediate benefits. The project preserves
our local dealerships' ability to compete with other regional competition
along Interstate 4 and Interstate 95."