Woodfin Development moves forward at Reynolds Village
A look at the architectural design of one of the new buildings in Reynolds Village.
By Matt Tate Te vision of the new downtown
Woodfin corridor is beginning to take shape. Grading is now under way for the
construction of six new buildings in Reynolds Village. Five of the buildings will be mixed-
use while the sixth will be a purely resi- dential unit with clubhouse amenities
and a pool. Te residential building is scheduled to open in early 2011 with the others being completed in rapid suc- cession, according to Lesley Groetsch, chief marketing officer for Reynolds Mountain Communities. In all, 201 living spaces and 60,000
square feet in ground level office, retail and restaurant space will be included in this phase of development. Reynolds Mountain recently secured
approximately $30 million in financing for the project, and CEO Kirk Boone brought aboard strategic partners Ted Simaan, Paul Henshaw and Scott Nee- ly.
“With the continuing difficulties in
the residential home sales and mortgage credit markets, we identified a demand for high-quality apartments that of- fer the same amenities and finishes of a high-quality condominium devel-
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opment,” Boone said. “Tis project is the realization of our vision to create a downtown for the Town of Woodfin as well as local shopping and dining op- tions for residents of North Asheville, North Buncombe County and beyond. Ultimately, Reynolds Village will be a sustainable, live-work community that will have a traditional Main Street feel, with modern conveniences and tech- nologies.”
AvL Technologies is currently rehab-
bing the former Newbridge Shopping Center. Te satellite technology manu- facturers are relocating their offices from the River Arts District to Woodfin. Other phases of the project hope to
include more residential units, busi- nesses and possibly a high-end motel, Groetsch added. Samet Corporations are the contrac- tors on the project.
More trouble for Altura
By Matt Tate While the news is currently
good for the burgeoning down- town corridor at Reynolds Vil- lage, another development in Woodfin is facing a foreclosure sale on a large chunk of its prop- erty.
Te sale of roughly 90 unde-
veloped acres of the Altura de- velopment is scheduled for Sept. 8 at the Buncombe County Courthouse due to a filing in the amount of $7 million from investor Roger Page. Altura filed for Chapter 11
bankruptcy earlier this year, citing more than $40 in debts on the project. Te Chapter 11 notice halted the more than $25 million in foreclosure filings from Olympic Coast Invest- ments and Page as well as nu- merous contractor liens. Frank Peterson, CEO for Altura Glob-
al, said the company is no longer in bankruptcy and is working to developing a sustainable and af- fordable development. “Altura is committed to its vi-
sion of sustainable green hous- ing that is focusing more on affordability and economic and environmental impact on the community,” Peterson said in an e-mail interview. Te Altura project began in
2006. It was announced as a 1,000-unit community with luxury single-family homes and condominium living spaces, a town center, a hotel and spa and nature preserves, taking up 200 acres near Riverside Drive and perched above the French Broad River. Four years later, only one
home is structurally completed and another is under construc- tion.
Te sale is subject to upset bids for 10 days.
www.weavervilletribune.com
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