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WEEKLY
COMMUNITY
NEWSPAPER
January 14 - January 20, 2010 Vol. 8 • No. 02 Woodfin • Weaverville • Barnardsville Fifty Cents
Foreclosure filings not to deter Altura
Developers say finances secured; Property owners concerned
John Hoss with OCI said the
By Matt Tate
company has filed its $18 million
foreclosure notice and Asheville at-
The team behind the Altura torney William Reed, representing
development in Woodfin is deter- Page, said Tuesday (Jan. 12) his cli-
mined to keep its high-end mixed- ent’s $7 million filing was still on
use development perched above the schedule.
French Broad River and not mired In addition, there have been
in a courthouse. more than 50 civil liens filed by
Facing $25 million in foreclo- numerous parties against Altura
sure filings, Frank Peterson, CEO and Alexander Reagan, the devel-
of Altura Global, said the needed opment company Altura’s founder
finances have been secured to rec- Rod Kagy owns, at the Buncombe
tify the potentially damaging situ- County Courthouse.
ations. A lien is placed on a property
Filings from Seattle, Wash.- when a party claims it is owed
based Olympic Coast Investments money. An unsettled lien would
and Roger Page of Winston-Salem prevent the sale of a property.
are scheduled for Jan. 28 and Jan. The community was first an-
29, respectfully, but Peterson said nounced in 2006 and was proposed
while negotiations are private, the to take up 200 acres above River-
money will help the community side Drive, looking over the river
continue along its path of becom- below and the numerous moun-
ing “a vibrant addition to the Town tainous peaks on the horizon.
of Woodfin.” It is planned as a 1,000-unit
“Although the economic situa- community with luxury single-
tion over the last two years has cer- family homes and condominium
The sign leading to the Heights at Altura in Woodfin.
tainly affected all developments, living spaces, a town center, a hotel
we have been fortunate to be able and spa and nature preserves. to the property owners. years ago. The 4,150-square-foot, the 2009 Parade of Homes.
to weather the storm and are ready More than three years later, little multi-million dollar house he con- A problem for the home, though,
to re-energize our efforts at the be- exists of Altura outside of gravel
Lack of utilities
structed in the Heights of Altura is that it has no utilities. Olson’s
ginning of this year,” Peterson said roads and several homes. The lack
Asheville resident Paul Olson
portion of the development recent- property report promised utilities
in an email interview this week. of development is of grave concern
bought his Altura property two
ly won the viewer’s choice award in
Continued on page 3
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