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                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE

                                                     CONTACT: Joe Pivinski, CFO
                                                              Oriole Homes Corp.
                                                              (561) 274-2000


                      ORIOLE HOMES TO REDEEM LONG TERM DEBT
                REDEMPTION DATE FOR SENIOR NOTES IS JULY 15, 2001

      Delray Beach, Florida, June 15, 2001 - ORIOLE HOMES CORP. (AMEX: OHC.A;
OHC.B) today reported it will exercise its rights under the terms of the related
indenture to effect an optional redemption of all of its outstanding 12 1/2%
Senior Notes due 2003.

      The total redemption price of approximately $35.8 million will represent
100% of the principal amount of the Senior Notes plus accrued interest to the
redemption date of July 15, 2001.

      Financing of approximately $34.4 million of the redemption price will be
provided by Ocean Bank, a Miami based lending institution, through secured loans
on several existing real estate projects. The loans will also provide for other
working capital needs and generally have a minimum term of two (2) years at a
floating interest rate of Prime + 1/2%. Other terms of the transaction were not
disclosed. The balance of the redemption price will be paid from available cash.

      Commenting on the action, Joe Pivinski, Chief Financial Officer, noted
that "the transaction will have the favorable impact of reducing cost of capital
in the range of 450 - 500 basis points in the near term." He also indicated that
"the arrangement was expected to have a positive strategic effect on Oriole's
operations as the terms and conditions of the financing package were more
flexible and less restrictive than that of the indenture."

      Oriole Homes is engaged principally in the design, construction, marketing
and sale of single family homes, patio homes, townhomes, villas, duplexes and
low and mid-rise condominiums in Palm Beach, Broward, Marion and Osceola
counties in Florida. Visit the Company's web site at WWW.ORIOLEHOMES.COM for
community and Company information.

STATEMENTS IN THIS PRESS RELEASE THAT STATE THE COMPANY'S OR MANAGEMENT'S
EXPECTATIONS OR PREDICTIONS OF THE FUTURE ARE FORWARD-LOOKING STATEMENTS.
FORWARD LOOKING STATEMENTS ARE INHERENTLY SUBJECT TO RISKS AND UNCERTAINTIES,
SOME OF WHICH CANNOT BE PREDICTED OR QUANTIFIED. FUTURE EVENTS AND ACTUAL
RESULTS COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN, CONTEMPLATED BY OR
UNDERLYING THE FORWARD-LOOKING STATEMENTS. THE RISKS AND UNCERTAINTIES TO WHICH
FORWARD-LOOKING STATEMENTS ARE SUBJECT INCLUDE, BUT ARE NOT LIMITED TO, THE
EFFECT OF GOVERNMENT REGULATION, CONSTRUCTION DELAY RISKS, COMPETITION AND OTHER
RISKS DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.