The Real Deal Miami

Builder WCI spirals downward

July 16, 2008 11:10AM

Bonita Springs-based developer WCI Communities scrapped a business restructuring plan created with its investors, including billionaire Carl Icahn. The move could affect the company’s plan to build 15,000 homes along the east coast of South Florida, the most expensive of which were to sell for $10 million. The company appears to have few remaining options, including bankruptcy and selling the company. WCI has land along the Gulf Coast from Tampa to Marco Island, with additional sites in South Florida, Palm Coast, Jacksonville Beach and Perdido Key.