Sale of WCI project part of troubled developer's debt paydown plan.
By AML |
Developer Toll Brothers has bought the unfinished Parkland Golf & Country Club community in Florida from WCI Communities, the project’s original backer.
WCI, which emerged from Chapter 11 bankruptcy protection in September 2009, has sold the Parkland project to Toll for more than US$50 million. The community’s golf course, designed by Greg Norman’s firm, is finished, but the much of the rest of the development remains to be built. Toll has announced that it will build 350 new homes in the development, with the first going on sale in January.