Palm Coast, FL – June 26, 2010 – In accordance with its Chapter 11 Bankruptcy reorganization plan, Crescent Resources gave up title to three large development properties in Palm Coast and Flagler County, FL. Prior to its 2009 bankruptcy filing, Crescent was the Palm Coast area's second largest real estate developer.
The three properties had been purchased from Palm Coast Holdings-affiliated companies which held the mortgages. As secured creditor, Palm Coast Holdings regains title. The three transactions closed on June 16, 2010.
Crescent subsidiary Roberts Road LLC assembled several acres of land on both sides of Roberts Rd. extending west to Colbert Lane. The property holds entitlements for development of single-family residential homes. Mortgage-holder Florida Landmark Communities, Inc., an affiliate of Palm Coast Holdings, takes title. Roberts Road LLC has been dissolved. Public records indicate that Roberts Road LLC originally purchased the land for $1,750,000.
Grand Woods LLC purchased several hundred acres of land northwest of the now closed Matanzas Golf Course. The Grand Woods project is a residential component of Palm Coast Park, a multi-use development project extending north along both sides of US route 1 north of Palm Coast Parkway to near Old Kings Road. Grand Woods reportedly purchased the property for $3,000,000 in 2006. Another Palm Coast Holdings affiliate Palm Coast Land LLC takes title as mortgagee. Grand Woods LLC has been dissolved.
Reserve LLC has been developing Grand Landings, south of the Flagler County Airport. The first phase of the community is platted. Several phase-one lots have been sold and some homes are completed. A later phase was planned to include a fly-in community. Florida Landmark Communities Inc. takes title to this project as mortgagee.
North Hampton and Sugarloaf Mt
GoToby.com has discovered the 25 remaining developer-owned lots at North Hampton and the remaining developer-owned inventory of 141 building lots at Sugarloaf Mt are listed for sale. Both communities were developed by Crescent Resources. Sugarloaf is near Clermont, FL. North Hampton is in Fernandina Beach, FL.
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