Thrift & McLemore Blog

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Atlanta's No. 2 home builder Century Communities merging with builder UCP

David Allison
Editor
Atlanta Business Chronicle

Century Communities Inc. (NYSE: CCS), the No. 2 homebuilder in metro Atlanta, said today it will merge with builder UCP Inc. (NYSE: UCP) in a deal valued at $336 million, including the payment of certain indebtedness.

The combined company will be in 10 states, 17 markets and 117 communities, with revenues of more than $1.3 billion.

Colorado-based Century Communities is metro Atlanta's No. 2 homebuilder (after No. 1 D.R. Horton Inc.), according to Atlanta Business Chronicle's Book of Lists. Atlanta is Century Communities' largest market, with 1,265 homes sold in 2016, the company reported. The average sales price of Century's homes sold in Atlanta in 2016 was $271,300. The company's home sales revenue in Atlanta was $343.1 million in 2016.

California-based UCP operates in the States of California, Washington, North Carolina, South Carolina and Tennessee.

Century said the deal will create a geographically diverse portfolio with essentially no overlap. The combined company portfolio will consist of lots and communities in California, Colorado, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas, Utah and Washington. "The combination provides for an expanded, national footprint across high-growth markets, which we believe enhances growth prospects while mitigating risks against any potential price and value uncertainties in regional homebuilding markets," Century said.

"UCP’s highly complementary land positions combined with Century’s existing portfolio creates a diverse national growth platform and footprint,” said Dale Francescon, co-CEO of Century, in a statement.

Century Communities entered the Atlanta market in November 2014 through the $57 million acquisition of Peachtree Communities Group Inc.

 

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Autonomous vehicles bill nearing final passage in GA General Assembly

atl business

Dave Williams
Staff Writer
Atlanta Business Chronicle

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Legislation setting a legal framework for autonomous vehicles to hit the highways in Georgia is just a step away from final passage.

The Georgia House of Representatives passed a House substitute to Senate Bill 219 Friday 151-17. Since the measure's Senate supporters were at the table when the House substitute was crafted, senators simply need to agree to it to send that final version to Gov. Nathan Deal for his signature.

The bill exempts self-driving vehicles from the licensing requirements that apply under state law to human drivers. However, in light of the still-developing technology involved in putting autonomous vehicles on public highways, the legislation also mandates more expensive insurance requirements for driverless vehicles than the minimum liability insurance premiums required of traditional autos.

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"This bill creates a legal structure that makes it very clear where legal responsibility lies if something goes wrong," said Rep. Ed Setzler, R-Acworth, chairman of the House Science and Technology Committee and one of the bill's co-sponsors.

The legislation met some resistance from lawmakers who don't trust driverless vehicle technology.

"Whenever you operate a machine, there has to be an operator to make sure it doesn't do what you don't want it to," said Rep. Dave Belton, R-Buckhead.

But Rep. Trey Kelley, R-Cedartown, the bill's chief sponsor, said driverless cars are safer than vehicles driven by people increasingly distracted by cellphones.

"I'm convinced the technology has sufficient safeguards in place," he said. "This technology will help reduce traffic deaths in Georgia."

Belton also argued driverless vehicles would take jobs from 3.5 million Americans in the trucking industry.

But Rep. Kevin Tanner, R-Dawsonville, chairman of the House Transportation Committee, said Georgia can't afford to be left behind by other states in taking advantage of the job-creating potential represented by autonomous vehicles.

"Florida, Michigan, California and so many other states have already passed laws allowing this technology," he said. "This is the future. The future is today."

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Thrift Legal Group Consumer Protection Win

Atlanta, GA (3.8.17) - An individual client of Thrift Legal Group (or its affiliate attorney(s)) received a full release, settlement and refund from a publicly traded timeshare developer.

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Thrift Legal Group Arranges Financing for POA

Atlanta, GA (12.23.16) - A property owners association (private) has received ~$2.5 million in bank financing.  Thrift Legal Group (or its affiliate attorney(s)) helped to arrange, negotiate and complete the transaction.

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Thrift Legal Group Consumer Protection Win

Atlanta, GA (12.22.16) - An individual client of Thrift Legal Group (or its affiliate attorney(s)) received a full release, settlement and refund from a publicly traded timeshare developer.

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Welcome to Our New Site

We are pleased to launch Thrift Legal Group's new website!

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Thrift & McLemore, LLC
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Atlanta, GA 30363
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Office: 678.671.4031
Fax: 678.538.6501
Email: info@thriftlegal.com

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