CHARLOTTE, NC-Larry Corson, who has 25 years of experience in real estate operations and investment, was appointed the new president and chief executive officer for Crescent Resources, the locally based land management and real estate development company, which in June emerged from Chapter 11 bankruptcy.   

Crescent, which was advised by Korn/Ferry International in its search for a CEO, has holdings in Florida, Georgia, North and South Carolina, Arizona and Texas, is now owned by three private equity groups—New York City-based Anchorage Capital and Matlin Patterson and Greenwich, CT-based Strategic Value Partners. When the company emerged from bankruptcy, these three entities took over after buying more than 50% of the company’s debt, says Corson, although he declined to give a dollar amount.

“The company has good bones, which is to say a terrific asset base,” says Corson, who most recently served as senior vice president of Hunt Realty Investments, where he created and led a new land development division. Corson joined Hunt Realty from Westbrook Partners where he served as chief executive officer of Evergreen Alliance Golf Limited, a Westbrook subsidiary. Before that, he was chief operating officer of Terrabrook, another subsidiary of Westbrook, which at the time was the largest master planned community in the US, says Corson. 

Crescent Resources, which is perhaps best known for its luxury, lakefront master-planned communities,  mostly in the Southeast, owns 65,000 acres of land, says Corson, in addition to a commercial division. 

But don’t expect Crescent Resources to be developing new projects anytime soon.  “We won’t start any new developments because the market is not supportive of them at this time, but we are trying to be efficient with the projects we have and look for opportunities to invest in,” says Corson. “On the residential side, we will continue to sell lots, where there is demand, to builders and consumers.”

The company will sell off properties which are not strategic, says Corson. “Some of them will be land holdings or projects in markets which are not strategic. Some are already being made available through various brokers,” he says. Corson welcomes the chance to be CEO of Crescent Resources. “To be with a company which has reset its asset value and reduced its debt and has owners which are supportive of it,” is desirable, says Corson.

The former CEO, Andrew Hede, is leaving just as Corson takes the reins. He came from a bankruptcy restructuring company, Alvarez & Marsal, which ran Crescent Resources while it was in bankruptcy, says Corson.

Crescent Resources, which was created by Duke Energy in 1969, sought bankruptcy protection in  June 2009 and emerged from bankruptcy in June 2010 after having discharged $1 billion worth of debt.

Crescent Resources has offices in Orlando; Tampa, FL; Atlanta, Nashville and Charlotte and the company plans to open new offices as it grows, says Corson, which will always be in the south.