Bankruptcy Possible for LandMar Parent Company – Crescent Resources

LandMar and Crescent own several properties in Flagler County, including Grand Haven, Grand Landing, and the majority of the Grand Club.

Palm Coast, Florida – May 6, 2009 – The Charlotte Observer reports today that bankruptcy is a possibility for Crescent Resources, the joint venture of Duke Energy and the Morgan Stanley Real Estate Fund and parent of Flagler County’s second largest residential real estate developer, LandMar Group. In its first quarter earning call Tuesday, Duke Energy disclosed it took a $33 million charge for Crescent debt it had guaranteed.
Crescent and LandMar jointly are the second largest real estate developer in Flagler County behind the Ginn Company. Properties owned by Crescent/LandMar include:
  • The golf course at Grand Haven
  • Acreage entitled for residential development on both sides of Roberts Rd, east of Colbert Lane
  • Commercial property on the west side of Colbert Lane and north of the Wild Oaks section of Grand Haven.
  • The Grand Landing development adjacent to the Flagler County Airport
  • The Grand Club, consisting of The Pines Course, Cypress Course, and Matanzas Course. The Matanzas course was closed for renovations, but renovation work was never started.
  • Matanzas Woods – land designated for residential development adjacent to the Matanzas Course
1 reply
  1. Sam
    Sam says:

    It figures

    About two weeks ago I received an update via email spam regarding all the wonderful ‘goings on’ at Landmar, blah, blah, blah, and in response I emailed them back to say please stop sending me your cheery updates. Listing Matanzas as one of the courses open for play on their website while said course is closed and directly effecting my and many others property value was/is a slap in the face. I say file for bankruptcy but do it in such a way that Matanzas is liquidated and sold to a buyer who can commit to opening and renovating the course. Those home and lot owners around Matanzas deserve that. What dfference is there between Palm Harbor and Centex vs. Matanzas and Landmar? I would hope that THE CITY OF PALM COAST takes an interest in seeing this is done better. When measured against all other golf neighborhoods in Palm Coast, THE MATANZAS GOLF neighborhood got the smelly end of the stick.

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