Seasons on Lake Lanier, an unfinished development in Gainesville, has been purchased by The Kolter Group LLC, a private investment group based in West Palm Beach, Fla.
The community has had a number of financial issues dating back to 2007 when Levitt & Sons, the community's developer, filed for Chapter 11 bankruptcy. At that time, the community was left partially developed, with promised amenities yet to be constructed.
According to company officials, Kolter plans to "initially focus on selling the existing inventory and then to continue to market the project as an active adult community."
"We are pleased to have acquired such a premier active adult development as our (entrance) into the Atlanta market," said Rick Covell, senior vice president of The Kolter Group. "The residents have made extraordinary efforts maintaining the beauty of the community."
Kolter's purchase includes 14 furnished model homes, 45 complete or partially complete homes, 169 developed lots, 147 partially developed lots and 290 vacant lots and 30 boat slips.