Contentious Pinehurst Property Up for Sale Again
The new owner of four acres across from Pinehurst's Arboretum is putting the property up for sale next week at a public foreclosure auction.
According to legal documents filed in connection with the sale, Dogwood Portfolio LLC in Fort Myers, Fla., now owns the property on McCaskill Road that once was the planned site for a luxury town home development called The Traditions of Old Town.
The property is for sale to the highest bidder for cash at the public auction, which will be held at noon on Jan. 24 at the Moore County Courthouse, 102 Monroe St., Carthage.
Village Attorney Mike Newman said there likely will be plenty of interest in the property.
"With the infrastructure there - the water and sewer and its location - I expect there will be some folks interested in getting it," Newman said of the property.
It is unclear in the documents if there is a minimum bid required.
"I guess we will just have to wait until Jan. 24 to see what happens," Newman said.
Currently the land is the only property in the Village Residential (VR) district. That district calls allows a maximum dwelling density on the property to be between six and eight units per acre.
There is a minimum square footage requirement that states 50 percent of all the units shall be at least 1,800 square feet and in no case shall the minimum square footage be less than 1,400 square feet of heated floor area. The minimum amount of open space is 20 percent.
The property was purchased in 2007 by Traditions of Old Town LLC, a group headed by Mike Donninger. Donninger wanted to build million-dollar town homes. The infrastructure was put in place, but no buildings have been constructed, despite multiple zoning changes.
That site - and its changing zoning - has been a contentious issue for the village over the years.
In April 2011, the property was purchased by Hudson Realty Capital LLC, after it was foreclosed on by Crescent State Bank. Two months later, a Cary developer Eli Zablud, told the Village Council he had an option to buy the property and develop it. On multiple occasions he requested more accommodating terms for development.
The council opted to change the zoning to its current form in July, 2011.
It was thought that the unique development could be a link between the residential Old Town and the business district known as NewCore, which is now being called Village Place.
Mayor Nancy Fiorillo called the proposed Traditions development an "interesting chapter in Pinehurst's history." She said she is hopeful that a change in ownership could be the impetus for new development on the property.
"We hope that we ultimately have a buyer who can work with us on a development plan," Fiorillo said. "I hope it is a new day for Traditions."
Contact Tom Embrey at (910) 693-2484 or tembrey @thepilot.com.
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