A year ago, a 953-acre lake-side housing subdivision came to a halt when its Atlanta developer went bankrupt. A former sales director has resurrected the Lincoln County project called Stillwater Coves, and new houses should be going up in early 2010.
Stillwater Coves was one of several communities to fall victim to the bankruptcy filing of Atlanta-based Land Resource Companies, which developed and marketed luxury, second homes.
Land Resource Companies built subdivisions in Asheville, N.C., Panama City, Fla., and Decatur, Tenn. Its Chapter 11 reorganization was converted to Chapter 7 liquidation in March.
Bryce Grafton, who worked as director of sales at Land Resource, formed his own company, EvDevo LLC in Winter Park, Fla., and raised the capital to purchase Stillwater Coves when Land Resource was forced to sell the development, which is northeast of Lincolnton on Thurmond Lake.
The project is valued at approximately $26 million, said Laurie Long, director of public relations at EvDevo.
The community offers large estate-style lots with space for 385 homes. Amenities will include a community pavilion, swimming pool and bath house facilities. The average home lot is two acres, Mr. Grafton said.
"Land Resource got pretty close to completing the development, but they didn't complete the amenity package, which we're under way with right now. We're getting ready to break ground on that in early 2010," said Mr. Grafton. "Not only has it been saved, but it's going to be bigger and better than it was intended for."
Mr. Grafton's interest in Stillwater stems from finding the property for Land Resource and owning a nearby home.
Ashley Banks, executive director for the Lincoln County Development Authority, said the development is beneficial for Lincoln County.
"Right now, anything coming in and coming to pass is a good thing for the county," Ms. Banks said.
The small community hasn't grown much, and most projects are on hold because of the economy and housing market, she explained.
"Having a development come in and actually get it going, that's really great right now. That's one of our biggest assets that we have in the county right now -- the lake. Marketing it is really good. That helps get Lincoln County's name out there. I really feel that if they get other people coming in and buying lots there, it really helps the other subdivisions that are coming in on the lake, too," she said.
Roads, wells and water lines are already in place at Stillwater Coves, Mr. Grafton said.
"We have quite a few owners that will be building very, very shortly in that development. Probably around the first part of 2010," he said.
Lots start at $30,000, and custom home packages start at $200,000.
EvDevo LLC is expected to complete the amenities by next fall. Then it will sell the remaining lots, Mr. Grafton said.
Land Resource Companies had already sold one-third of the development, so EvDevo LLC only had to purchase two-thirds in a bankruptcy sale.
Reach LaTina Emerson at (706) 823-3227 or email@example.com.