HOME BUILDER GOES FRACTIONAL
ICI Homes, a Florida-based residential developer, is getting into the fractional business. The company signed a long-term master affiliation agreement with Interval International that includes ICI's Lighthouse Key Resort & Spa and The Resort at Osceola Trace, two resorts under development in Orlando, as well as future vacation ownership properties.
The Lighthouse Key project is already under construction. At build-out in 2010, the property will have 600 two-, three- and four-bedroom units that range from 1,257 to 2,357 square feet. Construction of The Resort at Osceola Trace begins early next year for a 2007 opening. The project will include 870 town homes.
Both resorts will be sold in four-week increments, as well as whole ownership interests.
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