Lender Wells Fargo bought the Bundoran Farms “preservation development” near North Garden at foreclosure auction Wednesday afternoon but the project’s development agency says the model of a sustainable residential housing project will continue as planned.
The bank foreclosed on nearly 2,000 acres of the innovative effort to merge agriculture and residential uses. It bought the property for $7.5 million.
Stanley Wrobel, attorney for Wells Fargo, said the bank will have to evaluate what comes next for the property, but developer Charles Adams, of Celebration Associates, said he expects his firm will stay on as developer.
“A lot of things are already in motion,” he said.
Bundoran Farm is a low-density, 100-lot rural residential community with the majority of its acreage protected under easements and deed restrictions that limit future development and preserve the site’s agrarian charm.
The farm continues to be a working agricultural concern with cattle, an orchard and the recent construction of a Pippin Hill winery in the 2,300-acre development.
The development was heralded in the county planning process for its efforts at retaining agricultural activities historically related to the site and for protecting property in its current or natural state.
The project suffered a setback when two of the original developers were killed when their plane crashed approaching an on-site runway at the farm. The original firm’s vision continued with Celebration Associates, however.
After a dearth of sales as the economy tanked and real estate markets crashed, Bundoran Farm activity has peaked recently with about 20 lots of the 30 already sold in the subdivision being purchased in just the past eight months.
“All of the sales came even after a heads-up from us about the restructuring issues and discussions that were going on. It says a lot about the purchasers’ belief in the project and the concept that they followed through with the purchases,” Adams said.
About 100 lots of 22 to 24 acres priced at about $500,000 per lot are approved in the project.
“The Wells Fargo team, and its predecessor Wachovia Bank, have been supportive from the outset and they continue to be,” Adams recently said. “Wells Fargo asked if we would be interested in staying aboard as the development management team if they acquire the property at the sale and we’ve said yes.”
Although Wells Fargo officials would not confirm that they will definitely be involved, they recently expressed support for the developer and development.
“Wells Fargo remains supportive of Bundoran Farms’ unique vision and place in the community,” Elise Wilkinson, vice president of public relations for Wells Fargo, recently said. “We are encouraged by recent sales activity and look forward to working with all parties on the long-term success of this development.”
Daily Progress reporter Ted Strong contributed to this story.
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