Former Levitt & Sons Property Near Myrtle Beach Gets New Life

Bankrupt Levitt also planned to build a retirement community south of the Flagler County Airport.

Palm Coast, FL – December 2, 2009 – A retirement community in Murrells Inlet near Myrtle Beach was left partially completed when real estate developer Levitt & Sons went bankrupt in November ’07. Dock Street Communities, a Myrtle Beach developer, bought the property at a bankruptcy sale for $11.6 million. Within weeks of closing on the deal, Dock Street started to spend money revitalizing the project.
Levitt had also purchased 334 acres adjacent to LandMar’s Grand Landings project south of the Flagler County Airport. They planned to build an age-restricted community there. The property secured a $25 million mortgage with Bank of America. While Flagler County property records still show Levitt as owner, B of A is said to have acquired the property through foreclosure in July ’09.
Toby’s Commentary: On one hand, Palm Coast and Flagler County dodged a bullet. Levitt did not leave a partially completed project at our doorstep when they filed. On the other hand, the white knight from Myrtle Beach has rescued Murrells Inlet’s problem. It is now moving forward, testimony supporting the belief that the turnaround is perhaps at hand. One company’s bankruptcy is another company’s opportunity.
1 reply
  1. Chris Butera
    Chris Butera says:

    Did this property ever sell?

    Does anyone know if this property was ever transferred to a new owner?

    If not Im sure it could be acquired for an attractive price. We have been involved in the sales of similar parcels, albeit for tremendous discounts, and I am curious as to the future of this parcel.

    Chris Butera

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