The Real Deal Miami

Centex scraps Indiantown development

January 20, 2009 11:27AM

Builder Centex Homes has given up on the last of its major projects in
Indiantown and sold the land for less than half of what it paid for the
281-acre site. Eric Bruner, a spokesman for the Dallas-based
developer, said Centex is focused on generating cash and minimizing
land-related spending during an extremely challenging housing
correction. Fort Myers-based Consolidated Citrus paid $3.25 million for
the Owens Grove and Gibb properties,
less than half of the $7.31 million Centex paid for them in 2005 and