Landings at Maple Bay development is for sale
The upscale condominium development was to be located to the south and wet of Hunts Landing Road. Plans included a constructed canal to link its constructed harbor to Buckeye Lake, a bridge to carry Hunts Landing Road over the new canal, a marina with boat slips, a boat storage area, and a clubhouse with a pool. One four-unit building was partially completed before the national real estate bubble burst, halting development.
Continental Realty agent and Vice President Bruce Massa lists the property as a “bankruptcy sale,” and describes it as 31.5 acres with 24 family dwellings in drywall finish. Permits are available to excavate for a harbor with direct access to Buckeye Lake. He said there are underground utilities for 52 units and a sales office building with fixtures and equipment is included. The development is being sold for $37,500 per acre.
“The development was put into voluntary bankruptcy by the developers because their lender had quit funding because of the recession,” Massa said. “Before the lender had decided to cease funding, eight units were in contract.” He said a buyer would receive the land, a four family condominium building and the right to all of the Landings’ entitlement documents, such as the Corps of Engineers documents and zoning approvals. The property is zoned for residential use, so if a commercial buyer wished to purchase the property, he or she would need to seek a rezoning.
Buckeye Lake Village Council approved the development’s zoning April 9, 2007.
Buckeye Lake Director of Development Valerie Hans said she’s aware of some casual interest in the property but as far as she knows there’s currently no serious interest in purchase. She said she hasn’t heard anything from the owners, which is frustrating because she’d like to speak with them about what could be done with the large development.
Hans said assuming the property sells, she doubts it would be used for commercial development. She said any change in zoning would need approval from the village planning commission and council, who would have to look not only at the new business coming in, but also consider all the businesses that may follow it because once the property’s zoning is changed, it’ll remain changed even if the new commercial development fails. There have been no inquiries about the the zoning, Hans said.
The development was to be an Epcon Community franchised under investor group Hunts Landing LLC; the Villages at River Oaks in Heath is an Epcon Community.
According to Epcon’s website, The Landings at Maple Bay was to feature two and three bedroom, ranch-style condominium homes with finished verandas, attached two-car garages, private patios, Buckeye Lake access via a private five acre harbor, private boat slip usage for every residence and a designer decorated clubhouse featuring a fully equipped exercise room, patio and heated swimming pool overlooking the private harbor.
The first phase of The Landings at Maple Bay was to contain 98 condominium homes with Nantucket inspired exterior elevations, many with harbor or protected wetland and woodland views. An additional 78 condominium homes would have completed the second phase of the development.