BRADENTON, Fla. — In an unusual outcome for a Chapter 11 bankruptcy case involving a south Florida community development district, bondholders have taken ownership of the 120-acre bankrupt Town Center near Miami.

Bankruptcy Judge Robert Mark June 22 approved a joint plan of reorganization after the Landmark at Doral Community Development District bondholders won title to the largely undeveloped land with a stalking horse bid of $67.5 million when no bidders came forward at auction.

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