Cary Developer Buys Former Lake Gaston Campground
Posted November 10, 2006 6:52 a.m. EST
WARRENTON, N.C. — A Cary developer on Friday purchased 79 acres along the shores of Lake Gaston and plans a mix of homes and commercial projects on the site, which could be a boon to Warren County's economy.
Dan Koeler of Redtail Properties paid $8 million for the property at auction. The site used to be the Eaton's Ferry Campground, but it was abandoned three years ago.
"It's a beautiful piece of property, and we think we can do some great things here," Koeler said. "It's very conceptual, but we are looking at a mixed-use project of some single-family homes, some townhomes and commercial property as well."
Koeler declined to discuss potential prices for homes in the development, saying his first priority is to rezone the property. But nearby waterfront homes have fetched prices in excess of $1 million.
"It's very much worth it because there is so much water out there," Realtor Carol Glodowski said of the purchase price for the campground site. "Everyone wants to be on the water -- not near it, not by it, but on it."
Still, local real estate agents are quoting potential buyers $300,000 for an undeveloped half-acre lot.
Koeler said he hopes to begin construction by the end of next year.