By Alison Rice. BankAtlantic Bancorp, the owner of Florida active adult builder Levitt and Sons, plans to spin off the Levitt Corp. and all its associated businesses by year's end into a separate publicly traded company. Last year, Levitt and Sons closed 880 homes for $195 million in revenue.
Elsewhere in Florida, Miami builder Coscan Homes, formerly an affiliate of Brookfield Homes (which itself was spun off from parent company Brookfield Properties Dec. 31, 2002), has separated from its parent company in a friendly $52 million buyout. Coscan, now privately owned, specializes in residential high-rise construction in Florida.