EXHIBIT 99.3

                                                         Susan Glatthorn Johnson
                                                           Senior Vice President
                                               Echelon International Corporation
                                                             Phone: 727-803-8250
                                                E-mail: SJOHNSON@ECHELONINTL.COM

                                                              Cynthia L. Sanders
                                                  Manager of Financial Reporting
                                               Echelon International Corporation
                                                             Phone: 727-803-8231
                                                E-mail: CSANDERS@ECHELONINTL.COM

FOR IMMEDIATE RELEASE

            ECHELON INTERNATIONAL REPORTS THIRD QUARTER 1999 RESULTS
               AND UPDATE ON EXPLORATION OF STRATEGIC ALTERNATIVES

ST. PETERSBURG, FL, November 15, 1999 - Echelon International Corporation (NYSE:
EIN), a real estate company which develops, owns and manages multi-family
residential and commercial real estate, today announced its financial results
for the third quarter and nine months ended September 30, 1999.

Net income was $.5 million, or 7 cents per diluted share for the quarter ended
September 30, 1999 and $4.3 million or 64 cents per diluted share for the first
nine months of 1999. This compares to net income of $2.1 million, or 31 cents
per diluted share and $8.4 million or $1.22 per diluted share for the same
periods of 1998. During the nine months ended September 30, 1999, in excess of
$1.0 million of expenses were incurred related to the ongoing evaluation of
various strategic alternatives for the Company.

Sales and revenues were $12.0 million and $34.6 million for the third quarter
and first nine months of 1999, respectively, compared to $9.3 million and $31.6
million for the same periods last year. The $3.0 million increase in revenues
for the first nine months of 1999 is primarily the result of the Company's core
real estate operations as follows:

     -    A $3.5 million increase in commercial rental revenues from the
          completion of three commercial properties and a parking garage, and an
          overall increase in occupancy and rental rates in existing properties
          compared to the same period of 1998.

     -    A $3.2 million increase in multi-family residential rental revenues.

     -    A $.9 million increase in commercial revenues from the sale of
          development properties and development rights.

     -    A $.7 million increase in revenues from third-party real estate
          brokerage services and other commercial real estate operations.

The increased revenue in core real estate operations is offset by:

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Echelon International
Third Quater Earnings Release
Page 2

     -    A $2.7 million decrease in revenues from the non-core operations of
          the Company's aircraft and real estate lending business.

     -    A $2.6 million decrease in investment income as a result of the
          conversion of marketable securities to cash and short-term cash
          investments in the fourth quarter of 1998.

As of September 30, 1999, the Company's debt / equity ratio (including current
portion of long-term debt) was 45 / 55, with a cash position of $24.0 million of
which $1.4 million is allocated to a multi-family development partnership in
Plano, Texas.

Darryl A. LeClair, Echelon chairman, president and chief executive officer,
commented,

     "Throughout the third quarter we continued development of our existing
     multi-family residential pipeline and commercial real estate properties.

     In the area of multi-family residential development:

     -    As previously disclosed, Echelon partnered with Fannie Mae's American
          Communities Fund in the development of ECHELON AT CHENEY PLACE, a
          303-unit multi-family residential community being developed in
          downtown Orlando, Florida. Construction began at the end of July.

     -    In addition, Echelon entered into a partnership for the development of
          ECHELON AT LAKESIDE, a 181-unit multi-family residential community
          located in Plano, Texas (near Dallas). Construction began in October
          1999.

     -    In total, construction of one multi-family residential community is
          complete, one will be completed within the month, and 13 are under
          construction and/or development, representing approximately 4,300
          total units. Currently, units are being leased in six of these
          communities.

     In the area of commercial development:

     -    Construction was completed in late June 1999 on CASTILLE AT CARILLON,
          two Class-A buildings totaling 103,900 square feet located in CARILLON
          PARK. As of mid-November 1999, CASTILLE AT CARILLON is 97% leased with
          Echelon occupying approximately 20,000 square feet as its corporate
          headquarters and leasing approximately 81,000 square feet to third
          parties.

     -    In September 1999, construction began on 200 CARILLON, a 5-story,
          143,000 square foot Class-A office building and parking garage,
          located in CARILLON PARK. Construction is estimated to be completed by
          the end of the third quarter of 2000. The Company has executed a
          ten-year operating lease with Catalina Marketing Sales Corporation,
          along with an agreement for the option to purchase 200 CARILLON,
          effective at the time construction is completed."

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Echelon International
Third Quater Earnings Release
Page 3


Commenting on the quarter and year-to-date results, Larry J. Newsome, Echelon
senior vice president and chief financial officer, stated,

     "Our third quarter and 1999 year to date financial performance is in line
     with our projections for the year, except for the expenses incurred related
     to the evaluation of various strategic alternatives for the Company. We
     continue to build our real estate business, while looking for opportunities
     to liquidate non-strategic assets. In the past month, we have sold two
     industrial warehouse properties previously identified by the Company as
     non-strategic assets."

In connection with the Company's previously announced exploration of strategic
alternatives, various parties recently initiated preliminary discussions with
the Company concerning a complex transaction which, if consummated, would lead
to the sale of the Company. There can be no assurances that any transaction will
result from these preliminary discussions. Concurrently, the Company continues
to pursue other strategic initiatives designed to maximize shareholder value.

Echelon International Corporation is a real estate company, which develops, owns
and manages multi-family residential and commercial real estate. The Company
also owns and manages a portfolio of aircraft leases and aircraft and real
estate loans. Echelon's core growth strategy is to build its multi-family
residential real estate portfolio and maximize the value of and grow its
existing commercial real estate assets. The Company will continue to withdraw
from the real estate and aircraft lending business to focus on its core real
estate operations.

NOTE: CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE REGARDING OTHER THAN
HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND ARE INTENDED TO BE COVERED
BY THE SAFE HARBOR CREATED THEREBY. SUCH STATEMENTS, INCLUDING THOSE CONCERNING
ECHELON'S EXPECTED SOURCES AND USES OF FUNDS AND CAPITAL EXPENDITURES AND ITS
BUSINESS STRATEGY INCLUDING ITS PLANS TO GRADUALLY WITHDRAW FROM THE AIRCRAFT
AND REAL ESTATE LENDING BUSINESS AND FOCUS ON ITS CORE REAL ESTATE OPERATIONS,
INVOLVE RISKS AND UNCERTAINTIES.

WHERE THE COMPANY EXPRESSES AN EXPECTATION OR BELIEF AS TO FUTURE EVENTS, SUCH
EXPECTATION OR BELIEF IS EXPRESSED IN GOOD FAITH AND IS BELIEVED TO HAVE A
REASONABLE BASIS. HOWEVER, SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS,
UNCERTAINTIES AND OTHER FACTORS, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL STRATEGIES AND THE TIMING
AND EXPECTED RESULTS THEREOF TO DIFFER MATERIALLY FROM SUCH FORWARD-LOOKING
STATEMENTS ("CAUTIONARY STATEMENTS") INCLUDE, BUT ARE NOT LIMITED TO THOSE
FACTORS IDENTIFIED UNDER "CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS" IN THE COMPANY'S 1998 ANNUAL REPORT. GIVEN THESE UNCERTAINTIES,
READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING
STATEMENTS.

ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE
COMPANY OR TO PERSONS ACTING ON ITS BEHALF ARE EXPRESSLY QUALIFIED IN THEIR
ENTIRETY BY THE CAUTIONARY STATEMENTS. THE COMPANY DISCLAIMS ANY INTENT OR
OBLIGATION TO UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS SET FORTH IN THIS
PRESS RELEASE, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR
OTHERWISE.

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Echelon International
Third Quater Earnings Release
Page 4

<TABLE>
<CAPTION>
                        ECHELON INTERNATIONAL CORPORATION
                CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
                                  (IN MILLIONS)

                                                      SEPTEMBER 30,    DECEMBER 31,
                                                          1999             1998
                                                      ------------     -----------
                                                       (unaudited)
<S>                                                      <C>              <C>
Cash and cash equivalents                                 $ 24.0           $ 21.6
Total current assets                                        75.5             75.1
Real estate, leases, loans and other investments           477.5            414.0
Total assets                                               560.1            494.2
Total current liabilities                                   59.3             40.5
Long-term debt (excluding current portion)                 152.0            106.0
Deferred income taxes (excluding current portion)          124.9            131.4
Stockholders' equity                                       221.1            215.8
Total liabilities and stockholders' equity                 560.1            494.2

Total capital expenditures                                  82.3             90.4
</TABLE>

<TABLE>
<CAPTION>
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

                                           THREE MONTHS ENDED         NINE MONTHS ENDED
                                               SEPTEMBER 30,             SEPTEMBER 30,
                                           -------------------        -------------------
                                             1999        1998          1999         1998
                                           ------       ------        ------       ------
                                                            (unaudited)
<S>                                        <C>          <C>           <C>          <C>
Sales and revenues                         $ 12.0       $  9.3        $ 34.6       $ 31.6
Operating expenses                           11.7          8.3          31.1         24.0
                                           ------       ------        ------       ------
Income before income taxes
     and extraordinary item                    .3          1.0           3.5          7.6
Income tax expense (benefit)                  (.2)         (.3)          (.8)          --
                                           ------       ------        ------       ------
Income before extraordinary item               .5          1.3           4.3          7.6
Extraordinary gain on settlement of
      debt, net of income tax expense          --           .8            --           .8
                                           ------       ------        ------       ------
Net income                                 $   .5       $  2.1        $  4.3       $  8.4
                                           ======       ======        ======       ======
Diluted earnings per common share:

Income before extraordinary item           $  .07       $  .19        $  .64        $ 1.10
Extraordinary item, net of tax                 --          .12            --           .12
                                           ------       ------        ------        ------
Net income per common share                $  .07      $   .31        $  .64        $ 1.22
                                           ======       ======        ======        ======
Diluted weighted average common
      shares outstanding                      6.7          6.9           6.7           6.9
                                           ======       ======        ======        ======
</TABLE>