<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under The Securities Exchange Act of 1934
(Amendment No. 1)
Atlantic Gulf Communities Corp.
------------------------------------------------------------------------
(Name Of Issuer)
Common Stock Par Value $.10
- --------------------------------------------------------------------------------
(Title of Class of Securities)
048556104
------------------------------------
(Cusip Number)
Check the following box if a fee is being paid with this statement ( ). (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than 5% of the class of securities
described in Item 1; and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.) (see rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on the following page(s))
Page 1 of 5 Pages
<PAGE> 2
CUSIP NO. 048556104 13G
ATLANTIC GULF COMMUNITIES CORP.
<TABLE>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Chemical Banking Corporation -- CBC
Chemical Bank -- CB
- -----------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A)
- -----------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Chemical Banking Corporation -- CBC
Chemical Bank -- CB
- -----------------------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF CBC -- 802,863
SHARES CB -- 802,863
BENEFICIALLY --------------------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH NONE
REPORTING --------------------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH CBC -- 802,863
CB -- 802,863
--------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
- -----------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
CBC -- 802,863
CB -- 802,863
- -----------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARE
- -----------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
CBC -- 8.295%
CB -- 8.295%
- -----------------------------------------------------------------------------------------------
12 TYPE OF PERSON REPORTING*
CBC -- HC
CB -- BK
- -----------------------------------------------------------------------------------------------
</TABLE>
* SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 5
<PAGE> 3
ATLANTIC GULF COMMUNITIES CORP.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G Under
The Securities Exchange Act of 1934
(Amendment No. )
<TABLE>
<S> <C> <C>
Item 1(a). NAME OF ISSUER: Atlantic Gulf Communities Corp.
Item 1(b). ADDRESS OF ISSUER: 2601 S. Bayshore Drive,
Miami, Fl 33133
PRINCIPAL EXECUTIVE OFFICER: James Apthorp, Chmn
Item 2(a). NAME OF PERSON FILING: This notice is filed by CHEMICAL BANKING
CORPORATION (CBC) and its wholly owned
subsidiary, Chemical Bank (CB).
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE: CBC: 270 Park Avenue
New York, NY 10017
CB : 270 Park Avenue
New York, NY 10017
Item 2(c). CITIZENSHIP: CBC -- Delaware
CB -- New York
Item 2(d). TITLE OF CLASS OF SECURITIES: Class A Par
Item 2(e). CUSIP NUMBER: 375514106
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ATLANTIC GULF COMMUNITIES CORP.
<TABLE>
<S> <C>
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B), CHECK
WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act.
(b) [X] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act.
(d) [ ] Investment Company registered under Section 8 of the Investment Company
Act.
(e) [ ] Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions
of the Employee Retirement Income Security Act of 1974 or endowment Fund [see
Section 240.13d-1(b)(1)(ii)(F)].
(g) [X] Parent Holding Company, in accordance with Section 240.13d-1(b)(ii)(G).
(h) [ ] Group, in accordance with Section 240.13d-1(ii)(H).
Item 4. OWNERSHIP:
(a) Amount Beneficially Owned: CBC -- 802,863
CB -- 802,863
(b) Percent of Class: CBC -- 8.295%
CB -- 8.295%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
CBC -- 802,863
CB -- 802,863
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of:
CBC -- 802,863
CB -- 802,863
(iv) Shared power to dispose or to direct the disposition of:
None
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable
Page 4 of 5
</TABLE>
<PAGE> 5
ATLANTIC GULF COMMUNITIES CORP.
<TABLE>
<S> <C>
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not applicable.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH HOLDS THE SECURITY
BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Pursuant to Rule 13(d) - 1(c): This notice is filed on behalf of both CBC and
its subsidiary, CB. In lieu of attaching an exhibit hereto, the identity of CB
is as set forth on the cover page hereof. CB is classified as a Bank, as such
term is defined in Section (3)(a)(6) of the Securities Exchange Act of 1934, as
amended,
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THIS GROUP:
Not applicable.
Item 9. NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
Item 10. CERTIFICATION:
By signing below, I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and did not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purpose or effect.
</TABLE>
SIGNATURE: After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated: February 10, 1995
<TABLE>
<S> <C>
CHEMICAL BANK CHEMICAL BANKING CORPORATION
- --------------------------------------------- ---------------------------------------------
John B. Wynne John B. Wynne
Corporate Secretary Corporate Secretary
</TABLE>
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