Ed Burr, LandMar Founder and CEO Resigns

Unable to regain control of the company he founded, Burr is leaving

September 14, 2007 – Palm Coast, Florida – LandMar CEO, Ed Burr, was unsuccessful in a recent attempt to negotiate his purchase of Crescent Resources’ controlling interest in the company he founded in 1987, so he has decided to leave. Burr will be replaced by Dan Kohlhepp, president of Crescent Resources’ commercial division. Details of Burr’s offer to Crescent were not made available.

LandMar develops communities primarily in the southeast U.S. as well as in Texas and Arizona. They are one of Flagler County’s largest developers with several projects:

Grand Haven – LandMar purchased the Grand Haven development from the original developer, Lowe Enterprises when it consisted of fewer than 200 homes. Today, it has nearly sold out Grand Haven’s 1904 properties. The Grand Haven Golf Club is owned by Crescent Resources and operated by Hampton Golf.

 

Grand Landings – A new development located south of the Flagler County airport, this community will boast a stadium court tennis facility. Plans also include a Pilot’s Club and a fly-in community.

 

Grand Reserve – Still in the permitting process, this residential community will straddle Roberts Road east of Colbert Lane, adjacent to the old Lehigh Cement Plant.

 

Grand Woods – Part of the Palm Coast Park, a large multi-use development along US route 1, this planned 500 – 600 home residential community borders the Matanzas golf course.

 

The Grand Club – Three golf courses, The Pines Course, Matanzas Course, and Cypress Course are owned by The Grand Club LLC, which shares the same Jacksonville address with LandMar. These courses are also operated by Hampton Golf.

Crescent Resources, based in Charlotte, N.C., was once the real estate arm of Duke Energy Corp.  Duke Energy has since shed its controlling interest in Crescent Resources (story), which currently operated as a joint venture with Duke Energy, Morgan Stanley Real Estate Fund and the company’s management.