Centex Exiting Northeast Florida — No More Buildings in Tidelands

Also selling the Hospitality Management Group that manages the Tidelands clubhouse and amenity facilities.

February 3, 2008 – Palm Coast, FL – Jolted by a larger quarterly loss than expected, Centex notified local employees Friday morning that they were closing shop in Northeast Florida. According to some who attended the meeting, a representative of the HR department was also in attendance. Here are the highlights reported by employees.

  • Centex cancelled recently announced plans to build two more condominium buildings in Tidelands.
  • The sales staff will remain through March to sell out the 36 remaining units in the existing Palm Coast Resort condominium.
  • The Hospitality Management Group, which collects $98 per month from property owners to manage the clubhouse and pool facilities, will be sold.
  • Centex will continue its ongoing effort to sell its remaining projects in Palm Coast, including an approved project in Marineland, the remaining Palm Coast resort buildings and hotel, as well as a parcel adjacent to the Palm Harbor Golf Course which is pre-approved for condominiums.

Centex recently announced a loss of $975 million for its third quarter ended December 31, 2007. This equates to a loss of $7.94 per share vs. a loss of $1.09 per share for the same period last year. Analysts had expected, on average, a loss of $.78 per share in the third quarter. The company attributed the losses to a 20 percent decrease in closings, and an 11 percent decrease in average sales prices. Centex (NYSE: CTX) officials said the company would focus on reducing unsold inventory.

 

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/6 Comments/by
6 replies
  2. T.G
    T.G says:

    Sorry to see them go…..

    This is more than just Centex leaving it is hurting our city in more ways than one if you truly look deep.I wish all those wondeful folks who will be without jobs …many blessing as our county is 2nd in florida for the highest rate of unemployement.
    Centex will be missed…..They do have great customer service!

  3. BB
    BB says:

    Chain reaction

    For you folks who say that this is good news, put aside your feelings for a moment and think objectively. Think about employee \”X\” making $60,000/year. That employee pays taxes, goes out to eat, and creates a demand for all those restaurants and other entertainment that I hear many of you complaining about the lack of. If that is the prevailing local attitude (anti-business), then don’t expect these other businesses to come calling any time soon either.

  4. Gordon
    Gordon says:

    about Centex and losing jobs…

    Overbuilding is unexcusable…destroying jobs by shutting down the hotel and the golf course probably offsets any jobs lost due to their departure…please, no more broken promises.

    fg

  5. Meg
    Meg says:

    Palm Coast Resort Marina and related businesses ar

    Businesses located at the Palm Coast Resort Marina are still in business…Centex Construction might be gone, but the tenants or businesses at the Centex owned marina are still here. Rumors have certainly hurt everyone throughout the years that we were or will be shut down due to change in ownership then, or in the future. The Palm Coast Marina has been the heart and soul of so many businesses, cruising folks,and locals visitors and residents. The marina has always been a trademark for Palm Coast. Many of us came by boat, bought a home here, and fell in love with the area.
    Tropical Kayaks is still located at the Palm Coast Marina , since 1999, and is open to the public for business. They are a tenant of the Palm Coast Marina.
    Yacht Brokers, inc. is also a tenant of the marina for many years and has an office inside the marina ships store.
    The marina ships/gift store is also open to the public, as well as boat slips, pump out facilities and fuel services for boats.
    Boat slips are open to the public. Our local Divers, boat mechanics, canvas companies, yacht sales, delivery captains, boat shows, kayak services,bike rentals, bait shop,fishing rentals, and other various marine related business are open to the public .
    The \\\”Open to the Public\\\” is the main theme here.

    Meg Goncalves

  6. MH
    MH says:

    PC Resort and Marina Business are open

    Businesses located at the Palm Coast Resort Marina are still in business. Centex Construction might be gone, but the tenants or businesses at the Centex owned marina are still here. Rumors have certainly hurt everyone throughout the years that we were or will be shut down due to change in ownership then, or in the future. The Palm Coast Marina has been the heart and soul of so many businesses, cruising folks,and locals visitors and residents. The marina has always been a trademark for Palm Coast. Many of us came by boat, bought a home here, and fell in love with the area.
    Tropical Kayaks is still located at the Palm Coast Marina , since 1999, and is open to the public for business. They are a tenant of the Palm Coast Marina.
    Yacht Brokers, inc. is also a tenant of the marina for many years and has an office inside the marina ships store.
    The marina ships/gift store is also open to the public, as well as boat slips, pump out facilities and fuel services for boats.
    Boat slips are open to the public. Our local Divers, boat mechanics, canvas companies, yacht sales, delivery captains, boat shows, kayak services, bike rentals, bait shop, fishing rentals, and other various marine related business are open to the public . “Open to the Public” is the main theme here.

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