Builder’s owner files for Chapter 11 [South Florida]
The majority owner of Sunland Homes has filed for Chapter 11 protection in the Southern District Court of Florida, leaving the future of its local developments in question.
Craig Kelley, an attorney for the Palm Beach County-based Frank E. Young Family Partnership, which owns 51 percent of Sunland Homes, said the company was seeking protection from creditors and had ceased operations.
“Unfortunately, what was happening was that people who were in committed contracts weren’t coming to the table to close … people bought semi-custom models and Sunland ended up with a bunch of mortgage payments they never intended to have,” Kelley said Monday. “People were refusing to close on their purchase contracts.”
Sunland built the South Pointe development, consisting of 49 houses, in Martin County’s Port Salerno. The company was also building the massive Lexington Place subdivision in Indian River County, an 81.5-acre parcel slated for 256 homes east of 20th Avenue Southwest and north of Fifth Street Southwest. The gated community was put on the market for $13.5 million last year.