Planned Raleigh golf course community in foreclosure
Posted July 27, 2009 5:14 p.m. EDT
Updated July 27, 2009 5:53 p.m. EDT
Raleigh, N.C. — 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."