ICI Homes has bought out the land holdings of a partner, consolidating control of approximately 6,000 acres in the company's home area of Daytona Beach, Fla.
The purchase includes Plantation Bay, a sprawling community of 3,800 acres and three golf courses that straddles the Volusia-Flagler County line. No purchase price was released for the combination of 6,000 potential residential units as well as commercially zoned land, but the company said at build-out it could have a value of $2.4 billion.
ICI bought the land, which also includes property in Deltona, Palm Coast, and unincorporated Flagler County, from chairman and CEO Mori Hosseini's longtime partner and friend L. Gale Lemerand.
"This buy-out comes at a good time for Gale and a good time for ICI," Hosseini said in a press release. "It enables ICI and its affiliates to further consolidate company holdings, allowing us to better plan for longer-range market positioning."
A quote from Lemerand was included in the release as well: "Mori has been my partner, confidant, and my good friend for well over 20 years, and I have benefited immensely from my relationship with him. This divestiture will help me to streamline my investments and focus more on other community and business interests that I am so actively involved in."
Learn more about markets featured in this article: Deltona, FL.