An investment group led by BCB Investments of Denver and NorthState Capital Partners of Denver is the new owner of the formerly bank-owned Burton Creek development in eastern Lincoln County near Lake Norman.VJK Development Group paid $2.1 million to Fifth Third Bank on June 25 for the 250 acres between Webbs Road, Burton Lane and Blades Trail, Lincoln County property records show.VJK Development has been cleaning up the property and intends to rename the development, David Dupree of BCB Investments told the Observer on July 8. VJK expects to secure the first two homebuilders for the development by the end of August, he said.The development was originally planned for 385 homes. Ninety-five lots were put in the ground before the project was halted by a former development group because of the poor economy and a county moratorium on new sewer hookups, Dupree said.Neighbors grew upset when the original developer, Victory Development Group, clear-cut the 250 acres, causing what residents said was sedimentation in area coves. County staff members contended there’s never been any substantial evidence of sedimentation.Dupree said VJK Development is focusing on the first 95 lots and has no plans for future phases. The development group is talking with regional and national homebuilders about the first 95 lots, he said.Dupree leads the investment group with NorthState Capital Partners founder Shane Buckner.“It’s debt-free,” Dupree said of the sale of the development. “There are no liens against the property. Our investors put up all cash.”New economic development initiativeEnergyUnited announced July 8 the creation of The Lake Norman Region, a marketing initiative among five economic development organizations and the Statesville-based electric cooperative.The group includes the Catawba EDC; Lake Norman Regional EDC; Lincoln EDA; Mooresville-South Iredell EDC and Statesville Regional Development. The Lake Norman Region has launched an informational website, www.lknregion.com, and intends to contact potential industrial clients and the consultants who guide corporate location decisions. The group will conduct a direct mail campaign and hold a “get acquainted” event later this year, Tim Holder, EnergyUnited’s vice president of sales and economic development said in a news release announcing the initiative.“With the new website, and direct marketing efforts reaching out to site selection consultants and industry leaders in targeted sectors, we hope to create a powerful regional brand identity that is greater than the sum of the communities’ individual strengths,” Holder said.“It’s overly simplistic to say that the area sells itself, but my experience has been that once a company sees, first-hand, everything this region has to offer, the odds of creating a successful business relationship increase exponentially,” Holder said.Board to consider Barnhardt subdivisionThe Cornelius Planning Board on July 15 will consider a rezoning request from developer Jake Palillo of Cornelius-based Bluestream Partners LLC to build 26 homes with minimum lot sizes of 2 acres in his proposed Barnhardt subdivision on Bailey Road Extension. The meeting is 6:30 p.m. at Town Hall, 21445 Catawba Ave.Palillo’s request is below the town’s 5-acre minimum lot size, established by the property’s rural preservation zoning, Cornelius Planning Director Wayne Herron said. The Barnhardt subdivision, formerly known as Bailey Forest, would be on 64 acres.
Friday, Jul. 12, 2013
Burton Creek project gets new life
The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.
Have a news tip? You can send it to a local news editor; email email@example.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.Read moreRead less