The Real Deal Miami

WCI wants to sell off amid bankruptcy

October 07, 2008 12:14PM

Bankrupt builder WCI Communities Inc. is seeking permission from a judge to sell a 22-unit condominium in the Pelican Preserve neighborhood of Fort Myers. The potential sale of the project, which WCI has been negotiating with Southern Caledonian, a Scottish developer, would allow WCI to avoid the increased time and expense of a public auction, which is usually a part of the asset disposal in Chapter 11 cases. Pelican Preserver is a 55-and-over community located off Colonial Boulevard, one mile east of Interstate 75. It is approved for 2,700 residences, and is now about one-third built out.