ATLANTIC GULF COMMUNITIES CLOSES ON RECORD 9,968 ACRE LAND SALE FOR $14.2 MILLION.MIAMI--(BUSINESS WIRE)--Oct. 24, 1995--Atlantic Gulf Communities Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGLF AGLF Association for Governmental Leasing and Finance AGLF Asian Government Leaders Forum ) announced the closing of the sale of 9,968 acres of land to the Southwest Florida Southwest Florida is a region of Florida located along its gulf coast, south of the Tampa Bay area, west of Lake Okeechobee and mostly north of the Everglades. It consists of five coastal counties from Manatee County south to Collier County, although it sometimes is considered to Water Management District (SWFWMD SWFWMD Southwest Florida Water Management District ) and the State of Florida for $14.2 million. In addition, the Company plans to conclude later in October the sale of the adjacent 354 acres to the Florida Communities Trust and Charlotte County for an additional $700,000. The Company plans to use proceeds from these and similar tract sales to reduce corporate debt. Originally planned for residential and commercial development, the 9,968 acre tract, located in Sarosota and Charlotte counties, will be preserved in its present state as part of the Florida Preservation 2000 trust fund. "This sale represents the largest single land transaction in the history of this Company," said J. Larry Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , President and Chief Executive Officer of Atlantic Gulf Communities. "We were very impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: by the professionalism of the Water Management District and State staff to get it completed on schedule." Rutherford said, "The sale of these properties reflects Atlantic Gulf's business strategy which is the profitable disposition of inventory in secondary real estate markets, and the purchase and development of properties in selected primary growth markets throughout the state." Atlantic Gulf Communities Corporation, with assets of more than $365 million, is one of Florida's largest real estate developers. The Company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning 44,000 acres in other parts of Florida, and 5,500 acres in the Cumberland Plateau Cumberland Plateau or Cumberland Mountains, southwestern division of the Appalachian Mt. system, extending northeast to southwest through parts of West Virginia, Virginia, Kentucky, and Tennessee into N Alabama. Black Mt., Ky. area of Tennessee. Headquartered in Miami, the Company is a proven leader in professional development services, and is known for its leadership role in environmental quality. CONTACT: Atlantic Gulf Communities Corporation, Miami Harry Rose, 305/859-4376 |
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