Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced that Minto Communities, an award-winning homebuilder and
developer who has developed communities in a number of locations in
Florida, has completed their initial due diligence and begun the
planning and design of a new development on approximately 1,600 acres of
the Company’s property on the west side of Interstate 95. The planned
Minto community is slated to be age restricted, targeting adults 55 and
over, and connects to the south at LPGA Boulevard and is near the LPGA
Boulevard entrance to I-95. The sales contract contemplates Minto
closing on the acquisition of the land by early 2016, however, we
believe this transaction could close in the latter half of 2015.
According to Minto’s press release regarding this land purchase and
development, this Daytona Beach planned community marks the seventh new
Minto community launched in the Florida market in the past two years and
this transaction will be an important acquisition in Minto’s strategic
growth plans. In addition, the new Minto community, with its golf cart
friendly lifestyle, is slated to have more than 3,000 single-family
homes, paired villa residences and enhanced green space amenities along
with a resort-style town center with clubhouse, restaurants, and
recreational and fitness facilities. The Company is working with Minto
to provide their residents with access to memberships at LPGA
International.
John P. Albright, President and Chief Executive Officer of the Company
stated, “We are excited that Minto has decided to bring their high
quality residential development expertise to Daytona Beach as we believe
Daytona is perfectly positioned for age restricted development. This
project will complement the many existing amenities already here in
Daytona including our 39 holes of championship golf at LPGA
International, the USTA tennis center and the two hospital systems of
Florida Hospital and Halifax Hospital. We expect this project to be well
received by the many baby boomers who will decide to call Daytona home.”
Mr. Albright continued, “We believe this transaction, should it close,
will demonstrate clearly to other home builders, residential developers
and other real estate firms that Daytona Beach and the broader Volusia
County area are a prime location for their future growth.”
In addition to other customary closing conditions, the land transaction
with Minto Communities is conditioned upon both the receipt of approvals
from various governmental authorities, as well as other matters that are
beyond the Company’s control. If such approvals are not obtained, Minto
may have the ability to terminate the purchase and sale contract prior
to closing. As a result, there can be no assurances regarding the
likelihood or timing of this potential land transaction being completed
or the final terms, including the sales price.
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income properties and loan
investments in diversified markets in the United States, and over 10,500
acres of land in the Daytona Beach, Florida area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. Forward-looking statements are made based
upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company. There can be
no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on
the Company will be those anticipated by management.
Copyright Business Wire 2014