Medallion buys Cascades from bankruptcy

Bradenton-based Medallion Home purchased the 450-home Cascades at Sarasota community, following a bankruptcy court approval, for about $3 million.

The 140-acre active-adult community, located just west of Lockwood Ridge Road between Whitfield Avenue and Saunders Road, had been in limbo since its original developer, Levitt and Sons, filed for bankruptcy in November of 2007. At that time, nearly 400 homes already had been sold.

Medallion Home officials say the company will move forward aggressively to sell the remaining 54 lots. In addition to offering three of Levitt's floor plans, Medallion also will offer three or four of its own designs. Prices will begin in the low $200,000s.