No more Laurelmor
Laurelmor is no more.
About a year after the Ginn Company's massive development faced foreclosure and was eventually taken over by Reynolds Signature Communities, the Reynolds company announced a new name for the 5,800-acre development in southeastern Watauga and western Wilkes counties. The project will now be developed and marketed as "Reynolds Blue Ridge."
The artist rendering of Laurelmor's former clubhouse complex and villa plans.
Chris England, an executive for Reynolds Blue Ridge, said the company is preparing announcements about the future of the development. The new name connects the credibility of the 25-year-old Reynolds Signature Communities with the location, he said.
"We're really wanting to tie in with the community and announce plans for pricing and infrastructure,"England said.
A letter reportedly sent to property owners in the development, and published on the real-estate site GoToby.com, announced the new name and a vision for the development. The letter proposes scaled-back pricing for remaining lots while altering some of the amenities and membership plans.
The letter said that the 179 sites already purchased were "the majority of the finest home sites in the community."As a result, prices for the remaining lots will range from $139,900 to $569,900.
Other announced changes from the Ginn Company's plans include a generational extension of club memberships to the 179 original purchasers, revision of the Featured Builder Program, completion of the Blue Hole Trail and final golf route layout.
All roads in Phase I are now paved, according to the letter. Design is complete for a sales office and community entrance that is scheduled to be finished in the spring and additional lots will go on sale in a few weeks.
England said there would be no significant changes to Phase I lots. "We're not going to chop the lots that are already planned,"he said.
England said the company would release more details in the week ahead. England also said the Web site http://www.reynoldsblueridge.com would go live as soon as all property owners had received the information.
The Laurelmor golf resort was sold to new owners after the Florida-based Ginn Company filed for Chapter 7 bankruptcy to liquidate two Florida projects, as well as agreeing to allow lenders to have partial control of a Bahamas-based development.
BR Development Group LLC and Blowing Rock Resort Venture LLC now own the Laurelmor resort, according to county deed filings. The property is listed at a value of $32 million. Both companies were formed in Georgia in early December and are tied in with Atlanta-based Reynolds Capital Group.
The sale is part of a restructuring agreement with lenders, led by Credit Suisse, after Ginn was unable to refinance a $675 million debt it defaulted on last year.
The reported letter to Reynolds Blue Ridge property owners is at http://www.gotoby.com/news_print.php?id=812.