GlobeSt.com UPDATE: Firm Steps Up Buying Plan

RICHARDSON, TX-An eight-year-old company has slid a letter of intent in place to acquire the Dallas-based Tower Group Inc., a 35-year-old development firm. The plan is being worked along with two other acquisitions to build a publicly traded corporation with a $100-million base.

Carlton W. Fleming, president of Opus Communities Inc., says seven months of negotiations produced the LOI to kick off an audit, which will be completed in 60 days. Meanwhile, Fleming says he’s expecting to close on the Tower Group, a developer of single- and multifamily projects as well as office and retail product, and possibly two other companies with histories as a production builder and custom developer before the end of the year. For previous story, click here. “There’s still a lot in the business plan to unfold in three to six months,” he says of a plan to build a full-service real estate corporation with a $100-million foundation.