Word: webbs
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Although best known as half-owner of the New York Yankees, a laconic onetime carpenter named Delbert Eugene Webb, 62, has made most of his millions as a builder of shopping plazas and housing projects, hotels and office skyscrapers from Tampa to San Francisco. Last week Phoenix-based Del Webb took on a job that should dwarf all his others...
...partnership with Humble Oil Co., which is the major U.S. subsidiary of Jersey Standard, the Del E. Webb Corp. will build a new community with an anticipated population of 25,000 on 30,000 acres of Texas rangeland between Houston and Galveston. The two companies expect to spend $25 million a year for the next 15 years to put up apartments, factories, churches and shopping centers in the shadow of NASA's manned space flight laboratory. Humble will supply better than 50% of the cash and all the land. Webb will furnish the balance of the bankroll...
Tidy Package. Wall Street, which ordinarily views grandiose announcements from real estate promoters with a wait-and-see shrug, sent Webb Corp. stock up to $15 (from $10 a few months ago). A "package" of Webb stock, warrants and debentures, which was marketed by Wall Street's Lehman Bros, at $77.75 when the company went public 13 months ago, is now worth...
...rise is due as much to the past performance as to the future prospects of Webb Corp.-Webb-built Sun City, Ariz., a palm-lined retirement oasis (TIME, March 10), has attracted 5,100 residents...
...Webb also controls shopping centers in Phoenix and Tucson and owns five hotels, including the blue-chip Sahara in Las Vegas. Last week Webb broke ground for a 200-room oceanside hotel in San Diego; the company is also building office skyscrapers in Albuquerque and Los Angeles. In the first nine months of 1961, Webb Corp. grossed $45 million...