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The Peninsula At Indian River Bay Welcomes New Enthusiasm As It Prepares For Growth

Nationally acclaimed homebuilders, world-class amenities, and the strength of the country's largest bank point to a bright future for Delaware's premier resort community

MILLSBORO, Del., March 19, 2013 /PRNewswire/ -- The Peninsula at Indian River Bay is renowned as one of the most impressive luxury residential resorts on the mid-Atlantic coast. At nearly 800 acres, the gated community features Delaware's first private Jack Nicklaus Signature Golf Course, managed by Troon Golf as part of its elite Troon Prive division, and existing resort-style amenities that have no rival in the area.

Nestled within the natural beauty of Delaware's bayfront, homebuyers have their choice of breathtaking golf course, waterfront, creekside, and wooded home sites. An incredible variety of award-winning coastal architecture creates vintage streetscapes by some of the nation's leading homebuilders, including NVHomes, Miller & Smith, and Schell Brothers. Townhomes, single-family villas, custom homes and home sites are all available to meet homebuyers' needs at any price point, from the $190's to $2 million.

Homebuyers are realizing that The Peninsula represents an amazing opportunity to live the resort lifestyle at a price that's well within reach. "To me, The Peninsula is casual elegance. Beautiful homes and landscaping. The beauty of the bay in one direction and golf and greens throughout. I live at a 5-star resort year round and I'm very grateful," said full-time resident Pamela Fleuette.

While ownership of the community is changing, the vision for the community is not. Wells Fargo will be taking title to The Peninsula sometime in early summer. By taking title, Wells Fargo – the nation's largest bank by market capitalization – puts its full weight behind the community and makes it possible to market The Peninsula to a developer who will complete the vision for this world-class community.

"We've stood behind the receiver's efforts from the very beginning by investing significant resources to preserve the beauty and marketability of this very special project," said Bill Honaker, Senior Vice President in Wells Fargo's Commercial Real Estate Owned division. "We look forward to continuing to work with the receiver, the homeowners, and the community to ensure that the vision of The Peninsula is fully realized."

LandTech will continue managing the community's daily operations, as it has since 2010. "Over the past few years, we've worked diligently as the court-appointed receiver to put The Peninsula back into a position of financial strength and growth. We've succeeded in that, and are looking forward to a continuation of the positive momentum we've begun generating for the community," said Chuck Munn, President of LandTech.

It would seem there are plenty of reasons for optimism. Some of note include:
  • An approximate 17% year-over-year sales increase from 2011 to 2012
  • The addition of some of the country's finest, most financially stable homebuilders, such as NVHomes, Miller & Smith, and Schell Brothers, that share the vision for the community
  • 2013 national acclaim for builders' homes at The Peninsula, including:
    • Two 2013 National Silver Awards for Schell Brothers from the National Association of Homebuilders for Best Architectural Design, Single-Family Detached:
      • 2,500-4,000 square feet: The Hartford
      • Over 4,000 square feet: The Kingfisher
    • NVHomes is the EPA's 2011 and 2012 ENERGYSTAR® Partner of the Year
  • New investment in amenities, such as the $400,000 expansion that is underway of the Terrace Grille.

The Peninsula is ideally situated for both seclusion and convenience. Just two hours from Baltimore, Philadelphia and Washington, D.C., and 15 minutes from Rehoboth Beach, it's the perfect place to call home year round or on the weekends.

For more information, visit www.peninsula-delaware.com.

SOURCE LandTech Receiver Services

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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