Bluegreen Corporation Acquires 240 Acres of Land to Expand Chapel Ridge Golf Community
biz.yahoo.com
Friday November 3, 9:08 am ET
BOCA RATON, Fla.--(BUSINESS WIRE)--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, today announced the purchase of an additional 240 acres of land adjacent to its Chapel Ridge community located near Chapel Hill, N.C. Sales of homesites in this community are expected to begin in March 2007 and generate estimated life-of-project sales of approximately $24.2 million over an anticipated two-year sell-out period, based on the Company's assessment of current estimated retail prices and the expected number of homesites to be offered.
Bluegreen anticipates that the majority of the new homesites will be 1-acre in size, although some 2-acre parcels are also expected to be available. Many of the new homesites will be heavily wooded and, in keeping with Bluegreen's efforts to preserve as much of the natural topography of the land as possible, will have spectacular views of the surrounding hills. Bluegreen also plans to offer a number of creek-side homesites.
"The addition of this property to Chapel Ridge provides potential owners with homesites we believe are unique to the area," said Daniel Koscher, president and CEO of Bluegreen Communities. "These are natural homesites with significant acreage and privacy, but owners still have access to all the amenities of the community." He added, "It is very exciting to be able to offer this product in this area of North Carolina."
George F. Donovan, president and CEO of Bluegreen Corporation, stated, "This latest acquisition reflects an ongoing commitment to increasing our inventory and broadening Bluegreen Communities' presence in the southeastern and southwestern U.S. Chapel Ridge is one of our most successful developments, reflecting North Carolina's growing popularity and the continuing acceptance of Bluegreen Communities' amenity-rich properties."
Chapel Ridge is located near Chapel Hill and the Raleigh-Durham areas of North Carolina. Prior to the acquisition of this new acreage, Chapel Ridge consisted of 677 homesites on 790 acres of rolling countryside. The community also boasts amenities geared toward active lifestyles - a Fred Couples signature golf course, swim and tennis center, clubhouse and other recreational areas. Most of these homesites range in size from 1/3- to 1/2-acres.
Bluegreen believes that its unique approach of selling homesites directly to consumers offers buyers greater value and more control. Owners are in charge of many key decisions typically made by developers or builders, such as the location of their homesite, the style and size of their home, the builder they choose, and when to build. |
