I think I found the issue. I began to think that perhaps the issue was with my debugger configuration and then I realized that with this new board and BSP that I had forgotten to change the CodeWarrior .mem file in the example code.
I'm using a hello example is from a cloned K70TWR BSP so it assumes a K70FN part. My board has a K70FX part.
The memory map for the K70FN is like this:
range 0x00000000 0x000FFFFF 4 ReadWrite // 1024KB Code Flash
reserved 0x00100000 0x13FFFFFF
range 0x14000000 0x14003FFF 4 ReadWrite // 16KB Programming accelleration RAM
reserved 0x14004000 0x1FFEFFFF
range 0x1FFF0000 0x1FFFFFFF 4 ReadWrite // 64KB On chip SRAM (TCML)
range 0x20000000 0x2000FFFF 4 ReadWrite // 64KB On chip SRAM (TCMU)
reserved 0x20010000 0x21FFFFFF
range 0x22000000 0x221FFFFF 4 ReadWrite // Aliased to TCMU SRAM bitband
reserved 0x22200000 0x3FFFFFFF
reserved 0x60000000 0x6FFFFFFF // Flexbus for external memory
range 0x70000000 0x77FFFFFF 4 ReadWrite // DDR2
reserved 0x78000000 0xDFFFFFFF // Flexbus for external memory
reserved 0xE0100000 0xFFFFFFFF
The memory map for the K70FX is like this:
range 0x00000000 0x0007FFFF 4 ReadWrite // 512KB Code Flash
reserved 0x00080000 0x0FFFFFFF
range 0x10000000 0x1007FFFF 4 ReadWrite // 512KB Data Flash
reserved 0x10080000 0x13FFFFFF
range 0x14000000 0x14003FFF 4 ReadWrite // 16KB Programming accelleration RAM
reserved 0x14004000 0x1FFEFFFF
range 0x1FFF0000 0x1FFFFFFF 4 ReadWrite // 64KB On chip SRAM (TCML)
range 0x20000000 0x2000FFFF 4 ReadWrite // 64KB On chip SRAM (TCMU)
reserved 0x20010000 0x21FFFFFF
range 0x22000000 0x221FFFFF 4 ReadWrite // Aliased to TCMU SRAM bitband
reserved 0x22200000 0x3FFFFFFF
reserved 0x60000000 0x6FFFFFFF // Flexbus for external memory
range 0x70000000 0x7FFFFFFF 4 ReadWrite // DRAM Controller - Write-back
range 0x80000000 0x8FFFFFFF 4 ReadWrite // DRAM Controller - Write-through
reserved 0x90000000 0xDFFFFFFF // Flexbus for external memory
reserved 0xE0100000 0xFFFFFFFF
I made this change. Recompiled the world and the problem went away.