Flagler Development Posts Robust Financials Despite Parent's Loss

ST. AUGUSTINE, FL-Flagler Development Co., the real estate arm of Florida East Coast Industries Inc., the largest commercial and industrial conglomerate in the state, is carrying its own weight and then some in a recessionary period that saw the parent company lose $61.4 million in 2001.

St. Augustine is 150 miles north of Downtown Orlando where Flagler owns/operates several commercial real estate properties including the 835,000-sf, 85%-leased GranPark at South Park in Orlando Central Park, south Orlando.

The company’s fourth-quarter and year-end financials show FECI lost $1.69 per diluted share versus a profit of $25.8 million or 70 cents per diluted share in 2000.