Aug
04

Cobblestone Park Development Might Be On Hold Again

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Investors in Cobblestone Park in Blythewood might get extension

August 02, 2008

By KRISTY EPPLEY RUPON – The State

Home construction might be stalled again at the massive Cobblestone Park development in Blythewood.

Ginn Resorts, a Florida developer that bought the more than 800-lot neighborhood in early 2004, had required owners of 483 empty lots in the neighborhood to begin construction by the end of 2011.

But Bobby Ginn, an S.C. native with multiple resort communities in Florida and the Bahamas, told property owners on a conference call this week he is considering an extension for those lot owners, many of whom are investors, said Tom Graber, general manager of the development. There is no timeline for a decision, he said.

Several different development groups have tried to build-out the community in Blythewood, a boomtown about 25 minutes northeast of Columbia, since the mid-1990s. Slow sales of the $400,000 to $1.2 million homes have been blamed on a foreclosure of previous developers, the post-Sept. 11 economy and dwindling interest in golf course living nationwide.

Graber said there are about 100 homes in the 750-acre gated community on Blythewood Road with 24-hour security and a recently opened resort-style amenity center. He said several new homes are currently under construction.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.thestate.com/business/story/478282.html

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