Austin-Based Legend Communities Finalizes Acquisition Of Galveston's Harborwalk Community And Yacht Club

GALVESTON, Texas, May 16, 2012 /PRNewswire/ -- A real estate vision over 40 years in the making will soon be realized and further expanded with news that Austin-based development company, Legend Communities, Inc., has closed its acquisition of the 550-acre Harborwalk project in Galveston.

Legend Communities, a full service developer of master-planned lifestyle communities, multi-family and associated commercial and maritime projects in Central Texas, California and Colorado, completed the purchase of Harborwalk from U.S. banking franchise, BBVA Compass. Legacy International Resort Properties, a real estate consulting, sales and marketing firm headquartered in Austin, brokered the deal on behalf of Legend Communities.

First introduced by oilman John Mecom as Flamingo Isles in the 1970s, the Harborwalk project currently features 380 lots, a 7,500-square-foot sales office, 156-slip marina expandable to 400 slips, 5,500-square-foot ship store, swim center with tiki bar, and an 11,000 square-foot yacht club with restaurant. The closing also includes an additional 400 acres of land for home development, 60-plus acres for new canal development, and nearly 150 home sites.

Legend Communities initial plans for the property include:

• Hiring of a new project manager and sales team leader, as well as a rebranding effort emphasizing the authenticity of the original Flamingo Isles project, while leveraging the infrastructure and amenities already in place at Harborwalk.
• Planned improvements to the master land plan including entryway betterments, welcome center, wellness center with tennis courts, fishing lodge, additional boardwalks, lighthouse and beach.
• Real estate product offerings featuring club villas, coastal cottages and a preferred custom homebuilder line-up.
• Enhancements to the yacht club operations, including new management and a new approach for the restaurant.

Legend Communities' goal in purchasing Harborwalk is to recapture the energy and enthusiasm surrounding the original vision of Flamingo Isles, while at the same time realizing the potential of this exceptional master-planned community and club. By offering a diverse line-up of ownership opportunities, the development group feels this project will become an even more desirable residential resort destination for growing families, empty nesters, retirees and second-home owners, alike. Legend Communities and Legacy International Resort Properties are already in discussions with Trendmaker Homes, a leading homebuilder in Houston, regarding the expansion of Harborwalk's real estate product offerings.

While awaiting finalization of the transaction, Legend Communities engaged a number of audiences, such as existing homeowners, prospective homeowners, the previous developer, and real estate and community leaders, to gain their input regarding the future of the development.

Legend Communities has extensive experience in the development of master-planned communities, yacht clubs and marinas. The 1,787-acre Rough Hollow community and yacht club in Austin was named Best Overall Community in 2010 by the Homebuilders Association of Greater Austin, has twice hosted the organization's prestigious Parade of Homes® event. Cove Harbor, a 650-slip marina and dry stack in Rockport and the 132-slip Sandy Creek Yacht Club on Lake Travis are two additional projects that offer a wide spectrum of concierge and seasonal valet services designed to revolutionize and simplify the boating experience. For more information, visit www.LegendCommunitiesInc.com.

SOURCE Legend Communities, Inc.