Seven Crescent Resources Golf Courses Under Contract Again

Grand Haven, Grand Club (3 courses), South Hampton, North Hampton, Osprey Cove

Palm Coast, FL – April 2, 2011 – For a third time, commercial real estate company CB Richard Ellis’ website notes that seven Florida and Georgia golf courses owned by Crescent Resources are under contract. Prior contracts have failed to reach completion. Specifically, the website states:
  • The Club at Osprey Cove in St. Marys, Georgia is situated in a 1,000-acre master-planned community.  This premier private country club features complete recreational amenities including a championship golf course designed by Mark McCumber.  This offering also includes 156 finished residential lots and a six-acre commercial tract.  The Club at Osprey Cove is under contract, however the developable land is still available.
  • The Golf Club at North Hampton in Fernandina Beach is a semi-private club that anchors a 700-acre master-planned community.  Arnold Palmer designed the golf course and this offering also includes 25 finished residential lots.  The Golf Club at North Hampton is under contract, however the residential lots are still available.
  • The Golf Club at South Hampton in St. Augustine is a semi-private club in a 900-acre master-planned community.  The golf course was designed by Mark McCumber.  The Golf Club at South Hampton is under contract.
  • Grand Haven Golf Club in Palm Coast is a highly-regarded private country club that features a Jack Nicklaus Signature golf course.  The club anchors a 1,478-acre waterfront, gated community with 1,900 homes and a wide range of quality recreational amenities.  Grand Haven Golf Club is under contract.
  • The Grand Club is available for sale and comprised of three golf courses (and clubhouses), all situated within a five-mile radius on the west side of I-95 in Palm Coast.  Gary Player designed the Cypress course and Arnold Palmer designed both the Pine and Mantanzas courses.  The Matanzas course has been closed for approximately three years.  This offering includes up to 183 entitled residential lots – 33 on the Pine course and 150 on the Matanzas course.  The three golf courses that comprise the Grand Club are under contract, however the developable land is still available.
Crescent Resources was originally the land development subsidiary of Charlotte-based Duke Energy. It later became a joint venture of Duke and the Morgan Stanley Real Estate Fund. At the peak of the housing boom, Crescent had over 100 subsidiaries and was valued at well over $1 billion. It emerged from Chapter 11 bankruptcy as a much smaller company last year. Since, it has been quietly disposing of several Florida and Georgia assets.

5 replies
  1. George Edward Chuddy
    George Edward Chuddy says:

    Palm Coasts Golf Four Sisters Golf Courses

    ( for those interested in how Palm Coast’s ‘Four Sisters’ Golf Courses came into being ).
    December 1, 1989

    Federal Trade Commission
    Atlanta Regional Office
    Room 1000
    1718 Peachtree St., N.W.
    Atlanta, GA 30367

    RE: Federal Trade Commission Decision and Order issued December 10, 1976 ( Decision and Order ) – In The Matter of International Telephone and Telegraph Corporation, ITT Community Development Corporation and Palm Coast, Inc.

    Dear Sir:

    The following is in response to the reporting requirement set forth in the unnumbered paragraph on Page 16 of the Decision and Order.

    From an historical perspective, in 1969, ITT Community Development Corporation ( CDC ) began a master plan of a community now known as Palm Coast. As a significant step in that process, in 1974, CDC entered into an Agreement with Florida’s Division of State Planning for the purpose of developing a Comprehensive Land Use Plan (CLUP) as a logical and effective process to guide and control the orderly development of Palm Coast. The CLUP is a five volume, 1400 page guide for residential, commercial, industrial, and public service growth for 42,000 acrea. The development plans extend to the 21st Century for a community which is capable of supporting 224,000 people.

    In accordance with the CLUP and sonsistent with the Decision and Order, of the 48,000 total available acreage, the 42,000 acres mentioned above are planned for community development, including 46,000 registered homesites ( 43,000 of which have been sold ) , 4 Industrial parks, shopping centers and various Amenities.

    Since 1980, all homesite infrastructure improvements, i.e. roads ( 533 miles), drainage, central water ( 529 miles ) and central sewer ( 508 miles ) have been completed by CDC. In addition, CDC has constructed an extensive water management system designed to replenish the area’s water table that includes 46 miles of freshwater canals and another 23 miles of saltwater canals bordering many homes and homesites leading to the Intracoastal Waterway. Water and wastewater plants operated by Palm Coast Utility Corporation have consistently won numerous state awards for operating excellence.

    The 4 Industrial parks mentioned above, currently hojme to approximately 35 companies, have been developed to balance the economic development of the community and provide employment. Some facilities are in the construction stage and negotiations continue with more than 30 additional industrial prospects. Exhibit A attached to this letter provides a complete listing of present industrial operations in Palm Coast.

    In the commercial area, in 1979 , the Palm Harbor Shopping Center became a reality. The shopping center consists of 26 merchants and is anchored by a 36,464 square foot Publix Supermarket and Eckerds Drug Store. In 1987, CDC opened St. Joe Plaza, a new CDC shopping center which currently has 21 merchants. A new full service Wal-Mark Discount Department Store opened in 1988 in yet another shopping Plaza as a major store in a group of 19 stores and restaurants ( total of 85,000 square feet ). More recently, in the southern end of the community, another 85,000 square foot shoppping center opened this year containing 20 merchants and is anchored by Winn Dixie Supermarket and Rite-Aid Drugstore. See Exhibit A for an extensive reference to the commercial enterprises in Palm Coast.

    On the governmental level, a $ 75. million Federal Aviation Administration ( FAA) facility opened in Palm Coast in 1987. The 133,000 square foot complex of dormitories , classrooms and support facilities train some 3,3000 FAA managers yearly having a multi-million dollar impact to the regional economy over 20 years. In addition, the U.S. Postal Service has opened a new 21,000 square foot facility in Palm coast. Within the last 18 months , the county government has expended in excess of $ 9000,000.00 for the construction of a new main fire station and a recreation complex focused on an olympic sized pool.

    Recreation has always been an important ingredient of Palm Coast lifestyle. CDC has constructed three 18 hole Championship Golf Courses and the fourth Championship golf course is currently under construction. The Palm Coast Players Club, opened in 1986, is a 18 court tennis complex that is one of the few in the nation with hard court, clay and grass tennis playing surfaces. The Club earned the distinction of " 1987 Court of the Year" from Tennis Industry Magazine and the American Society of Landscape Architects. The Belle Terre Swim and Racquet Club is a complete fitness facility with a 25 meter heated pool, four tennis courts, and comprehensive Nautilus Room The Palm Coast Marina, recognized as one of the finest harbors between Hilton Head and Fort Lauderdale, opened in 1979 and serves boaters with 80 slips and comprehensive services, including a ship’s store for supplies and gifts. The Marina is now part of a Resort Setting on the Intracoastal Waterway that includes CDC’s 154 room waterfront Sheraton and the Harbor Club Vacation Resort. Exhibit B attached to this letter provides a more in depth description of recreational facilities in Palm Coast.

    From an educational perspective, in 1983, Daytona Beach Community College opened a branch campus with an open air Performing Arts Pavilion. Currently, the County government is constructing a new $ 6 million Elementary School and is expending over $ 13 million in renovations/ expansion at the Flagler/Palm Coast High School.

    "Florida Trene" magazine predicted Flagler County would, on a percentage basis, have the state’s fastest growth rate over the next five years. This is corroborated by U.S. Census Bureau figures which, based on a percentage basis, identifies Flagler County as the third fastest growing county in the nation during the 1980 – 1987 period with an 89 % growth rate. Palm Coast, with it 7,552 dwelling units ( 6,784 single family and 768 multifamily ) and its population of approximately 15,000 ( 60 % of flagler County’s total population) is the major catalyst behind this explosive growth rate.

    Very truly yours,
    Richard Braunstein

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