Medallion buys Cascades from bankruptcy

Bradenton-based Medallion Home purchased the 450-home Cascades at Sarasota community, following a bankruptcy court approval, for about $3 million.

The 140-acre active-adult community, located just west of Lockwood Ridge Road between Whitfield Avenue and Saunders Road, had been in limbo since its original developer, Levitt and Sons, filed for bankruptcy in November of 2007. At that time, nearly 400 homes already had been sold.

Medallion Home officials say the company will move forward aggressively to sell the remaining 54 lots. In addition to offering three of Levitt's floor plans, Medallion also will offer three or four of its own designs. Prices will begin in the low $200,000s.

Medallion Sales and Marketing Director Gregg Glasser says Cascades' amenities and location were paramount in Medallion's decision to purchase the community.

“We saw this as a great opportunity and a successful community,” he says. “There's 450 homes, and 390 already had residents. There's a beautiful 25,000-square-foot clubhouse, a full-time tennis pro and a state-of-the-art fitness center. This (Cascades) was done magnificently, and we were able to capitalize on it.”

The day after Medallion closed on the community, it reopened the Cascades sales center with new signage and products.

Glasser reiterated that it is Medallion's goal to complete the Cascades and relinquish control to the homeowners association.

“Medallion is the developer behind several nearby residential communities, including Country Meadows, University Grove and Riva Trace.