Landmar Parent and Affiliates Delinquent on $1 Million in Flagler Real Estate Taxes
Crescent Resources, parent of LandMar Group and one of Flagler County’s largest real estate developers is high up in the tax delinquency list. Ginn is not on the list.
Palm Coast, Florida – May 13, 2009 – Flagler County real estate taxes are billed in November, due on January 1 and become delinquent on April 1. Tax certificates will be auctioned on June 1 for all real estate taxes that remain unpaid by May 26. Companies affiliated with real estate developer Crescent Resources, parent of Landmar Group, are prominent on the list published today, owing the Flagler County Tax Collector collectively about $1 million; surprising because in years past, they paid their taxes early, in November or December. Crescent’s most visable holdings are the Grand Haven Golf Club, and the three-course Grand Club (Cypress, Pines, and Matanzas).
Crescent Resources is the Charlotte, NC-based joint venture real estate development company of Duke Energy and the Morgan Stanley Real Estate Fund. In its first quarter earnings call last Tuesday, Duke Energy disclosed the possibility that Crescent Resources may file for bankruptcy. Crescent’s local subsidiaries and affiliates include:
- The Grand Club LLC – Matanzas Course, Pines Course, and Cypress Course
- Grand Haven Developers LLC – developer of Grand Haven Community, several developer-owned parcels remain
- LandMar Group LLC
- The Reserve LLC – owner of Grand Landing residential development, south of the Flagler Co. airport
- Grand Woods Developers LLC – owns property for residential development north of and adjacent to the Matanzas Golf Course
- Grand Haven Golf Club LLC
- Roberts Road LLC – owns property entitled for residential development on both sides of Roberts Road near the Sea Ray Plant
- Lighthouse Harbor Developers LLC – small parcel near old Lehigh Cement plant off Roberts Road
- Colbert Lane Commercial LLC – owns commercially zoned property on the west side of Colbert Lane north of Wild Oaks
To the extent that delinquent taxes are a measure of financial distress, several other local developers also seem to be in trouble. Several projects where the developer still holds the bulk of the properties are evident. These include Hidden Lakes, Eagle Lakes, Beach Haven, Palm Pointe Condominiums, and Westpointe Plaza commercial condos. In spite of their recent problems, the Ginn Company, Flagler’s largest real estate developer, is not on the list of those still owing property taxes.
Delinquent taxes mirror foreclosure filings. Both are starting to show up more often on high end properties. The WCI Communities owned properties in Hammock Dunes made the delinquent list. So too did 3 Portofino condominiums, a Savona condo, 2 Cambria condos, 3 Casa Bella condos, and 21 properties in prestigious Island Estates. Several Ocean Hammock and Hammock Beach properties can be found, including lots, homes and condominiums. Tidelands Condominiums are also prominent.
This year’s list of properties with delinquent taxes has 6,457 entries, up 17.8% from last year. The total amount delinquent this year is $13,851,506, up 23.4% over last year’s total.
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