The Peninsula at Indian River Bay welcomes new energy as it prepares for growth

March 20, 2013

The Peninsula at Indian River Bay is situated within the natural beauty of Delaware's bayfront. At nearly 800 acres, The Peninsula features Delaware's first private Jack Nicklaus Signature Golf Course, managed by Troon Golf as part of its elite Troon Privé division, as well as resort-style amenities.

Home buyers have their choice of  golf course, waterfront, creekside and wooded home sites. A variety of award-winning coastal architecture creates vintage streetscapes by some of the nation's leading home builders, including NVHomes, Miller & Smith and Schell Brothers. Town homes, single-family villas, custom homes and home sites are all available at price points from the $190s to $2 million.

"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.

Other developments which point to a bright future include the following: an approximate 17 percent sales increase from 2011 to 2012; the addition of some of the country's finest, most financially stable home builders, such as NVHomes, Miller & Smith and Schell Brothers; 2013 national acclaim for builders' homes including two 2013 National Silver Awards for Schell Brothers from the National Association of Home Builders; and new investment in amenities, such as the $400,000 expansion of the Terrace Grille, now under way.

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