Posted by: Roby Robertson | February 17, 2008

Lake Norman Real Estate: River Oaks at Lake Norman Coming Together

Investors Take Notice:  Lake Norman’s North Shore seeing progress with future development.

Living at Lake Norman Keeps getting better and better!

It’s been more than two years since word first emerged about the massive River Oaks Village at Lake Norman development, planned along the Catawba River in the town of Catawba. By the looks of the vacant site, little has changed.

The project is moving forward behind the scenes and in companion neighborhoods just across the river in Iredell County, developer Mike Henderson said.

His company, Wynne Residential Development of Richmond, Va., is coordinating the entire, master-planned community, which spans about 1,000 acres on and near the Catawba River in Catawba and Iredell counties, north and south of U.S. 70.

River Oaks at Lake Norman, as it’s called, is set to be built over the next 15 to 20 years and will encompass a variety of neighborhoods, housing styles and price ranges. It’s intended to have a resort-style, self-contained feeling, Henderson said.

Developers are about ready to begin selling lots in two neighborhoods on the Iredell side of River Oaks: The Fairways and the Landings. Both are gated luxury home communities that will have lots of about an acre, with houses selling for about $400,000 and up.

The Fairways spring from an existing public golf course and subdivision that had been languishing on the property, with fewer than 10 homes built. Developers have since renovated and reopened the golf course, renaming it River Oaks Golf Club and turning it semi-private.

The Landings will be all new, located on about 165 acres along the Catawba River north of U.S. 70. River Oaks sales will kick off there, Henderson said, because they believe the water will prove a stronger lure to builders and buyers than golf. That neighborhood will include 20 lakefront lots, as well as a waterfront clubhouse with a grill, pool, tennis courts and walking trails.

Buyers in the Landings and Fairways will be members of the clubhouse and golf club, Henderson said.

On the way is the Station, to be located on 83 waterfront acres on the Iredell side, south of U.S. 70. Developers are aiming to have the town of Catawba annex that property and serve it with public water and sewer, which will allow them to preserve more trees and green space, Henderson said.

The Catawba County side of the project, the 511-acre River Oaks Village, north of U.S. 70, has progressed more slowly.

Work there was supposed to begin last spring, and residents are curious about what’s been happening, Catawba Town Manager Jonathan Kanipe said.

“It is a matter of work starting to be done on it,” he said. “That’s what we want to see happening.”

River Oaks Village has been delayed as Wynne has negotiated with various developers about the project, Henderson said, but work there should begin this year.

The Village will be the next major phase of River Oaks and will have 2,200 residential units of all types, plus 500,000 square feet of retail and commercial space, Henderson said.

It’s designed in a pedestrian-friendly style similar to Huntersville’s Birkdale Village, with plenty of sidewalks, old-fashioned streetscapes, a public park, walking trails and lake access.

The first piece to be ready will be an active-adult community with “empty-nester cottages” starting in the $100,000s, common maintenance and a marina, Henderson said.

The nationwide credit crunch and housing slowdown have affected River Oaks somewhat, Henderson said, as builders have become a bit nervous about jumping into any project feet-first.

However, he said he believes the Charlotte region and North Carolina as a whole are fundamentally sound and haven’t suffered from a lot of the speculation that has plagued other regions.

“I think this is still a great area to be in,” Henderson said. “It still has the quality of life and a lot of great people.”

Contact your Lake Norman Agent at 704 451 7051 to get more infomation.

Source of information: Charlotte Observer.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: