D.R. Horton pulls out of contract to buy old golf course acreage
D.R. Horton has announced that it has pulled out of the agreement with Ryan Company to purchase former golf club property:
“D.R. Horton would like to thank those who supported The Palms of Cape Coral single family home development on the former golf club property. After careful consideration, we regret to announce that we are pulling out of the project and removing all offers from consideration. Over these last years, we have made substantial compromises and concessions to satisfy those most concerned. Single family housing is clearly the correct and proper use for the property, but we do not feel that it is in Horton’s best interest investing further time and resources pursuing a project that is not embraced as we had hoped. Representatives from Ryan Companies Florida Gulf Venture, the current owner of the property, will be at tonight’s council meeting rather than D.R.Horton. A ‘Yes’ vote by the council will move the project, and this area of Cape Coral, one step forward to improving property values and increasing the tax base for the city.” – statement from Jonathon Pentecost, D.R. Horton Realty Inc., SWFL Division President