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KINGS <br />GRANT <br /> <br />A BRIEF HISTORY OF LANDEX, INC. <br /> <br />The formation of Landex, Inc. in 1986 was catalyzed by a consulting agreement with <br />a Fortune 500 company, Koppers Company, Inc. Under the terms of this agreement <br />Landex evaluated surplus real estate relative to national and local market conditions so <br />that plans could be formulated to derive the greatest value from these assets. In some <br />instances sales were possible, but the location and condition of Koppers real estate <br />generally required a more creative approach. <br /> <br />A certain level of pre-development or development activities was sometimes <br />recommended to increase the likelihood of favorable sales, but in most instances <br />opportunities to develop surplus Koppers real estate were severely limited. Recognizing <br />that sources of financing for real estate development were diminishing, Landex devised <br />a plan to use Koppers real estate in an indirect manner. Through a joint venture <br />contribution, or an exchange or installment sale subordinated to project financing, <br />Koppers real estate could be utilized by select developers as additional collateral for <br />project financing. <br /> <br />A broad range of skills and contacts were required to implement these plans. Landex <br />augmented its ability to analyze and structure all aspect of a transaction with a growing <br />expertise in corporate real estate issues and environmental real estate issues. The <br />company attracted new clients like ALCOA, Club Corporation of America, Kaiser Steel <br />Corporation, Martin Marietta, Mellon Bank, The Schneider Group, Shearson American <br />Express, Transcontinental Corporation, and Westinghouse Financial Services. An <br />impressive network evolved, capable of facilitating transactions for such clients. This <br />network sustained Landex after the relationship with Koppers was suddenly terminated <br />in 1988 following a hostile takeover by Beazer PLC. <br /> <br />Landex turned to private sources of investment to replace Koppers real estate as equity <br />in real estate development projects. The most notable example is Lake Las Vegas. <br />With initial capital raised by Landex, planning and permitting for the project reached <br />a stage that prompted an affiliate of the Bass brothers to undertake the development. <br />Lake Las Vegas is approximately 2,175 acres, including a 360-acre man-made lake. It <br />will include 6 to 8 world-class resort hotels with a minimum of 500 to 1,000 rooms <br />each, the most prestigious housing in Las Vegas, 7 golf courses, and related commercial <br />development. There is no comparable project in the U. S. <br /> <br />In 1989 Landex discerned the unusual opportunity afforded by a proposed new <br />interchange development near Charlotte. The company undertook initial funding of <br />Kings Grant and became the developer. The scope of Kings Grant continues to expand <br />as it evolves into the premier commercial development in the southeast. <br /> <br /> <br />