Centex Destination Properties sells most of its local holdings.
October 26, 2006 – Palm Coast, Florida – This showed up on this site a few days ago on the rumor pages. Details are still murky and no official announcement has occurred, but I’ve received sufficient confirmation that the underlying story is no longer a rumor to move it to the News category. Here is what I’ve heard:
The Ginn Company is buying the Ocean Hammock Golf Course, a Jack Nicklaus Signature course, along with the Inn at Ocean Hammock. The Inn contains the golf pro shop, locker rooms, a fine restaurant, and meeting and accommodations rooms. He is also buying the yet to be developed Bulow Plantation project, a site near Ginn’s The Gardens at Hammock Beach, a private golfing community being developed along the Intracoastal Waterway on John Anderson. Also part of the deal is the Palm Coast Resort and Condominiums currently under construction, with its existing Palm Harbor Golf Course. The Resort is being built at the site of the original Palm Coast Resort on the west side of the Intracoastal Waterway and across from Ginn’s Yacht Harbor Village and Admirals Cove Condominium. In addition, Ginn will be buying The Tidelands, an Intracoastal single family home and condominium project just north of the Palm Coast Resort. Centex had purchased this property from the original developer, River City Homes a few years ago. The last piece of the purchase is the oceanfront condominium project in Marineland, in the north end of the County on Rt A1a
Ginn will have doubled his stake in Flagler County. Look for the two parties to frame this as a “partnership” because Centex will stay involved in the construction phase. But make no mistake, Bobby Ginn is the clear winner here. And only a few months ago, some folks thought Ginn had fumbled when Centex beat them out with a successful bid for the Ocean Hammock Golf Course and Inn. Congratulations, Bobby.
I understand that the closing for the Ocean Hammock Golf Club and the Palm Coast Resort is scheduled for December 8th. The other properties are in the due diligence phase. Until the dust settles on this transaction, there will be several questions with few answers. One, in particular – How will this effect the property owners in Cinnamon Beach? They face the prospect of being orphans-by-the-sea, surrounded by an amenity rich Ginn resort to which they do not belong. The same for owners of The Villas at Hammock Beach? This Centex complex in the shadow of the Ginn resort allowed owners to affiliate with the Hammock Beach Club as long as Ginn managed the rentals. Some did. Others did not, opting to be associated with Centex amenities and Centex rental program. Owners of Canopy Walk that are in the Centex rental program are likewise wondering.
By: Toby Tobin