05:19 PM EDT, 07/03/2024 (MT Newswires) -- TWC Enterprises ( CLKXF ) after trade Wednesday said it closed the sale of the former Woodlands Golf Club to a joint venture managed by 13th Floor Homes, the homebuilding division of Miami-based 13th Floor Investments.

According to a statement, TWC will be a 50% partner in a joint venture with 13th Floor. The selling price to the joint venture is US$14 million and follows a previously agreed on formula based on the expected profit of the joint venture.

13th Floor Homes has been working since 2017 on obtaining the housing entitlements which will now be executed on by the joint venture.

The transaction represents 270 acres of land in Tamarac, Florida, and involves plans to develop a gated luxury residential community.