WCI Communities
Encyclopedia
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.
.. 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.. Eventually, the debt was too large to carry with their operating revenues and they filed for Chapter 11.
.. 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 reorganizaiton. Claimants are represented by a trust established in the court approved Plan of Reorganization.
and Builder Magazine named WCI "America's Best Builder" in 2004.
. 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.
and benefits the National Childhood Cancer Foundation
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
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
Bonita Springs, Florida
Bonita Springs is a city in Lee County, Florida, United States. The population was 43,914 at the 2010 census. It is part of the Cape Coral–Fort Myers Metropolitan Statistical Area. The city is located on the southwest coast of the state....
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 David Fry. WCI reorganized and emerged as a new privately held company on September 3, 2009.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 downturnUnited States housing market correction
A United States housing market correction is a market correction or "bubble bursting" of a United States housing bubble; the most recent began following a national home price peak first identified in July 2006. Because realty trades in illiquid markets relative to financial assets such as common...
.. 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.. 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 controversy2009 Chinese drywall controversy
The 2009 Chinese drywall controversy is a health and safety issue involving defective drywall manufactured in China and imported by the United States starting in 2001. Laboratory tests of samples for volatile chemicals have identified emissions of the sulfurous gases carbon disulfide, carbonyl...
.. 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 reorganizaiton. Claimants are represented by a trust established in the court approved Plan of Reorganization.
America's Best Builder
The National Association of Home BuildersNational Association of Home Builders
The National Association of Home Builders is one of the largest trade associations in the United States. Headquartered in Washington, DC, NAHB's mission is "to enhance the climate for housing and the building industry...
and Builder Magazine named WCI "America's Best Builder" in 2004.
Extreme Makeover - Home Edition
In January 2007, the company was featured on ABC’s Extreme Makeover: Home EditionExtreme Makeover: Home Edition
Extreme Makeover: Home Edition is a reality television series providing home renovations for less fortunate families and community schools etc...
. Together with volunteers, sub-contractors, local businesses, and Tampa Bay
Tampa Bay
Tampa Bay is a large natural harbor and estuary along the Gulf of Mexico on the west central coast of Florida, comprising Hillsborough Bay, Old Tampa Bay, Middle Tampa Bay, and Lower Tampa Bay."Tampa Bay" is not the name of any municipality...
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.
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 touranment founded by Greg NormanGreg Norman
Gregory John Norman AO is an Australian professional golfer and entrepreneur who spent 331 weeks as the world's Number 1 ranked golfer in the 1980s and 1990s...
and benefits the National Childhood Cancer Foundation
Florida Communities
- Artesia - Naples, FL
- Heron Bay - Coral Springs, FL
- Lost Key - Perdido Key, FL
- Pelican Preserve - Fort Myers, FL
- The Colony - Bonita Springs, FL
- Tiburon - Naples, FL
- Tidewater Preserve - Bradenton, FL
- Venetian Golf and River Club - Venice, FL
- Westshore Yacht Club - Tampa, FL