Laurel Cove Affected By Lehman Brothers

The recent collapse of Lehman Brothers has affected everyone from Wall Street to Williamson county.  Construction was stopped last month at Laurel Cove, which is one of the largest residential projects in middle Tennessee.  The project is on hold indefinitely as Lehman defaulted on a $121 million construction loan for Laurel Cove.  Other developers of the community state that they will fund the project themselves but the construction will be delayed until they can assume the existing Lehman loan.  Laurel Cove will contain approximately 800 luxury homes priced from $600,000 to $1 million dollars.  Five hundred lots have been sold to builders so far.  The first nine holes of the golf course, designed by Greg Norman, have been completed.  The day spa, fitness center, and clubhouse are more than half completed.