Subject: JOINT VENTURES
TWC Enterprises Limited Announces Sale of Woodlands Golf Club and Participation in Related Joint Venture
KING CITY, Ontario, July 03, 2024 (GLOBE NEWSWIRE) -- TWC Enterprises Limited ("TWC") has announced the closing of the sale of the former Woodlands Golf Club to a joint venture managed by 13th Floor Homes. 13th Floor Homes is the homebuilding division of Miami-based 13th Floor Investments. TWC will be a 50% partner in the joint venture along with 13th Floor. The selling price to the joint venture is $14M USD and is a result of a previously agreed upon formula based on the expected profit of the shared joint venture.
13th Floor Homes has been working since 2017 on obtaining the housing entitlements which will now be executed on by the joint venture.
The transaction represents 270 acres of land in South Florida's City of Tamarac, and involves plans to develop a gated luxury residential community. The Woodlands, located at 4600 Woodlands Boulevard, will consist of 335 single family homes built on the site of the former Woodlands Country Club. Construction is expected to commence in late 2024, with the completion of the community's first homes estimated to begin delivering in late 2025.
Corporate Profile
TWC is engaged in golf club operations under the trademark, "ClubLink One Membership More Golf." TWC is Canada's largest owner, operator and manager of golf clubs with 45.5 18-hole equivalent championship and 2 18-hole equivalent academy courses (including three managed properties) at 35 locations in Ontario, Quebec and Florida.
For further information please contact:
Andrew Tamlin
Chief Financial Officer
15675 Dufferin Street
King City, Ontario L7B 1K5
Tel: 905-841-5372 Fax: 905-841-8488
[email protected]
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