WCI Communities

WCI Communities, Inc.
Subsidiary
Traded as NYSE: WCIC
Industry Residential Construction
Founded 1995
Founder Al Hoffman, Jr.
Headquarters Bonita Springs, FL
Area served
 Eastern United States
Key people
 Keith Bass, CEO
Russel Devendorf, CFO
Revenue US$ 444 million (2008)
Number of employees
 650 (2011)
Parent Lennar
Website WCICommunities.com

WCI Communities, Inc. is an American home builder. The company offers single family and condominium homes. WCI also provides design, construction, financing, land purchases, marketing, and community management services. The company operates realty, mortgage, and title businesses. WCI is based in Bonita Springs, Florida and develops new home communities in Florida. WCI also manages clubhouses, golf courses, restaurants, and marinas in some of the communities it develops.

History

WCI was founded in 1995 as WCI Communities Inc, purchased from Westinghouse Communities, Inc., retaining WCI initials in their new name. In 2002, WCI Communities, Inc. issued an Initial Public Offering and became a publicly traded company on the New York Stock Exchange, trading under the symbol: WCI. WCI's current Chief Executive Officer and President is Keith Bass. WCI reorganized and emerged as a new privately held company on September 3, 2009.[1] WCI Communities is now owned by Lennar Corporation, another Florida home builder.

Heated Housing Market

WCI specialized in luxury and second homes and had solid growth since its founding reaching a height of $2.6B in sales and $186M in profit in 2005. They were sharply affected by the 2005 real estate downturn.[2] Several factors contributed to their need to reorganize. First, a significant portion of their business was in high rise towers. Once construction is started on high rise towers, it is difficult to cease construction and thereby control cost. Second, WCI speculated on large land purchases, carrying large debt on land that was subsequently devalued. Third, their regular (non-tower) communities had large unsold inventories that were also devalued during the downturn.[3] Eventually, the debt was too large to carry with their operating revenues and they filed for Chapter 11.

Imported Drywall

WCI is one of many real estate developers affected by the Chinese drywall controversy.[4] Like many other builders, they faced construction material supply shortages during the boom years and engaged contactors that used the faulty Chinese drywall. The issue was made part of the bankruptcy reorganization.[5] Claimants are represented by a trust established in the court approved Plan of Reorganization.

Awards and Community Involvement

America's Best Builder

The National Association of Home Builders and Builder Magazine named WCI "America's Best Builder" in 2004.[6]

Extreme Makeover - Home Edition

In January 2007, the company was featured on ABC’s Extreme Makeover: Home Edition. Together with volunteers, sub-contractors, local businesses, and Tampa Bay area residents, WCI rebuilt a home in 96 hours for the Tate Family on Davis Island who had lost their home in a plane crash.[7]

Shark Shootout Golf Tournament

WCI is a major sponseor of the Shark Shootout golf tournament held at the Tiburon Golf resort in Naples, Florida. Tiburon is one of the communities developed by WCI Communities and features two golf courses and a Ritz Carlton Hotel. The annual event is professional golf tournament founded by Greg Norman and benefits the National Childhood Cancer Foundation

Communities

Florida Communities

Florida Sky Homes℠

Florida Country Clubs

References

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