The Cascades at World Golf Village moving forward
with closings underway and residents moving in
Nearly 400 residents attended July 4 clubhouse opening

St. Augustine, Fla. (July 15, 2008) – Progress is evident at The Cascades at World Golf Village with seven contracts closed since May 2 and an additional 24 closings planned between now and September in the active adult community. Approximately 400 residents also attended a July 4 cookout and celebration for the opening of the community’s clubhouse.
 
The new, fully-furnished, 22,000-square-foot facility includes an additional 18,000 square feet of outdoor areas. The amenity center includes indoor and outdoor pools, a card room, billiards room, an arts and crafts room, a media/lounge area, ballroom with stage, a fitness center with state-of-the-art equipment, sun deck, men’s and women’s spa areas with saunas and showers, six lighted Har-Tru tennis courts, pro shop, bocce courts and a full-time activities director.

“The community is fully operational, with the gatehouse manned 24/7 and new residents moving in. We are looking forward to the opening of the clubhouse – it is a magnificent facility that has already exceeded our expectations,” said Lyn Sappington, an agent with Davidson Realty, Inc., who lives in The Cascades and is handling sales for the bankruptcy court-approved chief administrator.

Last November, construction halted on The Cascades as developer Levitt and Sons filed for Chapter 11 bankruptcy, leaving purchasers and 230 homeowners concerned about the community’s future. In January, Levitt negotiated an agreement, approved by the bankruptcy court, allowing the company to continue limited operations and complete homes started prior to filing for bankruptcy in order to minimize economic loss for customers and creditors.
 
Soneet R. Kapila of Kapila & Company, a South Florida-based certified public accounting and consulting firm that specializes in insolvency/creditors’ rights and litigation consulting, was approved by the bankruptcy court as chief administrator to oversee the development of The Cascades. In April, Kapila announced plans to complete construction of The Cascades’ existing homes and clubhouse, followed by an announcement in May that Florida homebuilder ICI Homes was selected as the general contractor for the project.
 

Homes in The Cascades are available for immediate sale. Contact Kapila at (954) 761-1011 or Sappington at (904) 940-5000, (904) 635-9544 or lsappington@DavidsonRealtyInc.com for more details or visit www.worldgolfrealestate.com.

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Located between Jacksonville and St. Augustine, The Neighborhoods of World Golf Village offers a variety of distinctive neighborhoods with homes priced from the $200s to more than $2 million.  Community amenities include first-rate schools, championship golf, community parks, shopping, the PGA TOUR Spa Laterra and world-class entertainment including the World Golf Hall of Fame and IMAX® Theater.   Winner of the 2002 Florida Association of Realtors Environmental Award, World Golf Village is a Hillman Properties community, an affiliate of The Hillman Company of Pittsburgh. For information, call (904) 940-5000 or visit www.worldgolfrealestate.com.