A group including an Alabama firm that has built landmark high-rises in Midtown Atlanta is the lead bidder for Reynolds Plantation, according to two individuals with knowledge of the potential deal.
Birmingham-based Daniel Corp. is leading a group in late-stage negotiations to buy the six Reynolds Plantation golf courses, marinas and thousands of acres of land tied to the gated communities at Lake Oconee, according to sources who asked not to be named because of the sensitivity of the negotiations.
Messages left for Andrew Bolnick, the receiver in charge of Reynolds Plantation development firm Linger Longer Development Co., and at Daniel Corp.’s Atlanta office were not immediately returned.
The luxury enclave, about 80 miles east of downtown Atlanta, has 3,600 property owners and has long been a vacation and retirement destination for wealthy Atlantans.
On Monday, Bolnick wrote to Reynolds Plantation members that an unnamed “potential purchaser” was in place, pending a formal contract.
The debt-laden outfit has been in receivership, an alternative to bankruptcy, for nearly a year.
Daniel Corp. is the co-developer of 12th & Midtown, a complex of office, retail, condos and a luxury hotel near Peachtree and 12th streets in Atlanta. Also in its portfolio are a pair of golf communities near Birmingham.
Reynolds Plantation was founded in the 1980s. Property sales surged through the mid-2000s, but slumped with the recession.
Squeezed by the banks, Linger Longer offered in February 2011 to sell the golf courses and other amenities to the members for $45 million.
The members declined, and in May of last year Bolnick was brought in to operate the clubs and market the amenities and undeveloped land for sale.
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