Crescent Resources Selling Southern Hills and River Hall Golf Communities
The buyer for both properties is GreenPointe Communities LLC, a development company formed by Ed Burr, founder and former CEO of LandMar Group.
Palm Coast, FL – June 9, 2010 – As Crescent Resources nears its exit from Chapter 11 bankruptcy, the bankruptcy court will consider at a June 11 hearing a motion to sell the Southern Hills and River Hall projects to Greenpointe Communities LLC. The hearing a procedural step. The purchase contracts are already signed.
Southern Hills is a master planned community with a Pete Dye designed golf course located in Brooksville, north of Tampa. River Hall is a 2,000-acre master planned community near Ft. Myers with a Davis Love designed golf course.
Crescent Resources is the parent company of LandMar Group, Palm Coast’s second largest real estate developer. LandMar is one of about 120 Crescent subsidiaries included in the year-old bankruptcy.
Greenpointe Communities LLC was founded by Ed Burr after his resignation as CEO of LandMar Group. Burr founded LandMar in 1987, and sold his interest to Crescent Resources in 1999. Burr’s departure from LandMar in late 2007 followed his unsuccessful bid to repurchase the company he founded from Crescent Resources.
Southern Hills Transaction
Greenpointe will pay approximately $1.1 million plus $2,184,098 in taxes and association fees for Southern Hills. The purchaser will also assume the costly future development obligations pursuant to a development agreement with the City of Brooksville under which the sellers are currently obligated to make approximately $19 million in improvements over the life of Southern Hills Development. The seller will clear other liens and obligations totaling $42,949.
Greenpointe will acquire the following assets at Southern Hills:
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The remaining unsold lots in the development
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All other real property owned in connection with the development
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Golf club
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Golf course
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Sports and fitness center
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All related personal property including leases, service agreements, sale contracts, permits, and approvals
River Hall Transaction
Greenpointe will pay approximately $1.3 million plus taxes and assessments totaling $2,726,569 for River Hall. What they are getting:
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The remaining lots and land located in the River Hall Development
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All improvements owned in connection with the River Hall Development
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All sale materials and rights under any sale contracts
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All personal property
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All related personal property including leases, service agreements, sale contracts, permits, and approvals
In other transactions earlier this year, Greenpointe acquired two other developments, both in Hillsbourough County. Triple Creek was purchased for $14.75 million. Nearby Belmont was purchased for $13.2 million.
Rumors and Speculation
Speculation about the disposition of Crescents Palm Coast golf courses continues. An inspection team is reportedly due today at The Grand Club’s Cypress and Pines courses and inventory is being taken. Some members of management are rumored to be gradually cleaning out their offices.
It has long been known that Crescent’s four local courses (Pines Course, Cypress Course, Grand Haven Golf Club, and the closed Matanzas Course) might be sold. The recent activity adds fuel to the fire of speculation.
Each of Greenpointe’s acquisitions have been fully entitled projects with infrastructure in place but with a lot of development potential remaining. This suggests that Greenpointe is more a developer than it is a golf operator. Yet, Ed Burr is listed as an officer and is rumored to be a principal of Hampton Golf. Burr is also a longtime friend of Hampton Golf’s president, MG Orender. Hampton Golf operates all four local Crescent courses.
TAKE THIS POLL
Southern Hills
Some one should investigate the fraud there in the original sales. No development in the US has lost 90%+ of value. There were fraudulent appraisals and there had to be bank scams there. I am told there was ONE appraiser for all of those sales because "no one else could comp the sales"…the reason being????????????? I know a couple of lots this "new" guru can buy…purchased for $250k…SALES PRICE $37,500.
River Hall
Does anyone have information whether the sale has been finalized or when it is expected to close???