Augustalee Development that was scheduled to be developed in Cornelius, NC is now a "dead" issue.
I first started writing about the Augustalee over a year ago when Josh and Walt Rector, the principals behind Bromont.announced plans for Augustalee. It came with much fanfare, promising to build retail and office space, two hotels and 400 luxury condominium.
Unfortunately, Fifth Third Bank foreclosed on the site of the proposed Augustalee development, and local officials say the continuing economic slump all but dooms any chance for the massive center and its accompanying road improvements.
"It is dead," one official said this week, "simply because there's no way in hell anybody can do it."
Though Fifth Third has not brought any specific proposals forward, leaders say bank officials will "do what they can to recoup as much money as they can," which likely means trying to sell in pieces the 104-acre site south of Westmoreland Road, between Statesville Road and Interstate 77. It is prime real estate property that will come with a hefty price tag.
Local officials don't expect Fifth Third Bank, which has foreclosed on Augustalee land, can find partners to complete the huge development in Cornelius.