Developer Carol Ann Zinn has sold the 5-acres off NC-Hwy 54 to the UNC-Chapel Hill Foundation after failing to gain approval from the town. Buying the project site for $1.14 million in 2007 and selling it for $410,000 was a significant loss, even below the county appraisal of $690,000.
Zinn had envisioned three, three-story buildings with 90 condominiums when she most recently sought approval for the project last summer. She said she was filling a niche for homes under $400,000 and the condos' stormwater-runoff design would do less harm to the environment than conventional housing.
Public hearings consistently brought out critics who said the environmentally sensitive site, in the Jordan Lake watershed next to state game lands, was the wrong location. The site, part of Little Creek Bottomlands and Slopes, is a natural heritage area, a state designation for land with significant plant and animal habitat.
Read more at The News & Observer
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