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Planned Raleigh golf course community in foreclosure

Posted July 27, 2009

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— Plans for a golf course community that was to be a cornerstone of redevelopment efforts in southeast Raleigh have fallen apart after the developer let the property fall into foreclosure, officials said.

Olde Towne was slated to occupy 600 acres at Rock Quarry and New Hope roads, and was to include hundreds of upscale homes and 500,000 square feet of retail space. Although much of the land has been cleared, nothing was ever built.

Ohio-based National City Bank took possession of the property last month after Greystone Development, the project's Baltimore-based developer, defaulted on a loan.

The phone at Greystone's local office has been disconnected, and officials couldn't be reached Monday for comment.

Tyler Toulon, a real estate broker and former member of the Raleigh Planning Commission, said Olde Towne was a key component of the 20-year plan for the area. The development's collapse jeopardizes future growth in the area, he said.

"The rest of Raleigh – north, east, west, all areas – have developed significantly. Southeast has not," Toulon said.

Raleigh Planning Director Mitchell Silver said his staff has spoken with the new property owners, but no plans have been put forward for the future of the site.

"The delay in this project is a setback, but a slowdown in development is the pattern across the city," Silver said. "I am confident this project will move forward eventually. However, I don't know when."

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  • another opinion Jul 28, 2009

    Hmmmm Let's see, if this development had been built property taxes would have risen, those who don't earn salaries allowing them to purchase 6 fgure homes would be forced out of their homes due to the tax increases. I for one, am glad this development did not happen. Developers need to develop acording to the areas they buld in. Not everyone can afford 2 or 3 thousand + homes.

  • cat976 Jul 28, 2009

    oh quit your whining if you did't want to drive across town to get things then you shold have moved closer to development

  • pappy1 Jul 28, 2009

    Synobia1 said -- "Now I have to keep frequenting the north side of town to get things I should be able to get in my own area."

    Please tell us where it is written that one "SHOULD" be able get anything in any area. Isn't it up to businesses? Or maybe out great president has a plan for you too.
    My, how spoiled Americans have become...Synobia1 could just move to the North side rather want to see another area of the countryside turned into yet another "development."

  • SME2 Jul 28, 2009

    It seemed to me a pipe dream when they planned this. At the time I lived off Barwell Rd....glad I don't now. So sad to see. Look on the bright side, at least they got a Foodlion and McDonalds in that area.

  • mrduright Jul 28, 2009

    A white guy for the back woods on North Carolina in a Islamic Terrorist, now I have seen it all.

  • time4real Jul 28, 2009

    oh how sad, another developer will have to go spend his millions elsewhere.

  • elfgir1 Jul 28, 2009

    I live in that area, too, synobia1. My husband and I were hoping that property values would increase once the new (then) stretch of 540 was completed and once Olde Towne began development. And to think, everyone was heralding Olde Towne as the new Brier Creek...

  • synobia1 Jul 28, 2009

    Southeast really needed this development. Forget about the trees at this point, they are gone. Think about this community that has been neglected for far too long. I live there and was looking forward to the development. Now I have to keep frequenting the north side of town to get things I should be able to get in my own area. I hope the new owner still sees the potential for this area.

  • WhiskeyTangoFoxtrot Jul 28, 2009

    "The development's collapse jeopardizes future growth in the area, he said."

    Awesome!

  • yankee1 Jul 28, 2009

    Let's tick off the environmental NIMBY crowd and drill for gas and oil there instead! LOL!!!!!! To rebalance the tree population caused by the exploration, we can bulldoze the properties of the NIMBYs and replant the trees that were taken down to build their houses. That should even it out!

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