EXHIBIT 21  




                         LIST OF SUBSIDIARIES




The Partnership is a limited partner in Arvida Management-II Limited
Partnership and Arvida Realty Limited Partnership, Delaware limited
partnerships.  The Partnership is a general partner in Eagle Watch
Partners, a Georgia general partnership.  The Partnership is the owner of
Planned Communities Corporation, a Delaware Corporation.  The Partnership
is a general partner in Heathrow Development Associates, Ltd., a Florida
Limited Partnership.