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The Legacy at Jordan Lake, a oppulance residential village full with cascading waterfalls and the own par-3 golf course, has turn the ultimate high-end growth in the Triangle to go bankrupt.
The growth filed for Chapter eleven Bankruptcy on Tuesday, inventory resources of $29 million and liabilities of scarcely $23 million. The Legacy was the brainchild of brothers Holland and Alan Gaines, whose family plantation in Chatham County once encompassed most of the 630 acres set in reserve for the development.
Original plans called for Legacy to embody 463 homes with prices starting about $900,000. About twenty-five homes are assigned and 35 are underneath construction a whole or watchful to be sold, pronounced Trawick Stubbs Jr., The Legacys attorney. Stubbs pronounced the growth fell plant to the down economy.
He pronounced the Gaineses" plan to rearrange and presumably go on the growth or sell a apportionment of the property, presumably to an additional developer.
The developments greatest creditor is Capital Bank, that lent the Gaineses $22.75 million. The worth of the finished lots and superfluous residential land is $28.47 million.
"We"re anticipating we"ll be means to work out something with Capital Bank and go forward," Stubbs said.
The Legacy joins a flourishing list of Chatham residential developments that have failed, together with The Retreat on Haw River and The Parks at Meadowview.
Chatham saw a series of oppulance residential communities get authorized during the housing boom, but the marketplace for those homes has dusty up.
Just 81 homes labelled at $500,000 or some-more sole in Chatham County in 2009, according to Market Opportunity Research Enterprises, a Rocky Mount organisation that marks Triangle genuine estate. Thats down 42 percent from 2008 and off 68 percent from 2007.
The Gaineses touted Legacy as an disdainful gated village with good views of Jordan Lake. The developers outlayed some-more than half a million dollars construction a scarcely 25-foot high rapids at the opening to the community.
david.bracken or 919-829-4548| _______________________ |
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