Landmar Group
Landmar, formed in 1987, specializes in developing premier residential properties in the Southeast, including a strong presence in Palm Coast, Flagler County, in Northeast Florida. Landmar is aligned with Crescent Resources LLC, a land management and real estate development firm that is a joint venture of Duke Energy and Morgan Stanley Real Estate Fund. They entered the Palm Coast, Flagler market in 2001 when they purchased the gated golf course community of Grand Haven. At that time, Grand Haven development had been modestly successful under the original developer, Lowe/Destination Properties. Hampton Golf, through a close partnership with Landmar operates the Grand Haven Golf Club, a remarkable Jack Nicklaus Signature Course. To spur home site sales, Landmar astutely converted the semi-private course to a private course, enhancing the value of all properties in Grand Haven and accelerating the build out schedule. The resulting increase in property values has made Landmar, homeowners, and investors very happy.
Leveraging on their success at Grand Haven, Landmar purchases three more golf courses in Palm as well as several properties with development potential. In addition to offering golf, Landmar’s vision is to offer a suite of amenities to residents of their communities through their new Grand Club. The Grand Club currently operates two of the three golf courses. Landmar committed several million dollars to improve the three courses. It renovated the Cypress Knoll course and built a modest clubhouse. The Pine reopened in December 2006 after extensive renovation to both the clubhouse and the course.With the completion of the Pine renovations, the Matanzas Woods facility was closed, also for course renovation and a new clubhouse. But the downturn in the economy caught LandMar unprepared. Matanzas remains closed. No renovation work was begun.
“Creating Communities for Life,” Landmar planned to offer a larger set of options, including a proposed Fly-in community with a professional tennis facility, a Marina/Yacht Harbor/Marina complex, an Equestrian Center, River Club, and a Beach Club. Property for these developments has either been purchased or is under contract. Three have passed enough of the land-use designation and zoning changes to be classified as Under Development. They are:
Established:
Under Development:
Grand Reserve East and West are currently stalled along with the closed Matanzas golf course as LandMar and its parent company, Crescent Resources struggle through a chapter 11 bankruptcy filing.
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