Aug
22

One Forest Acres Development on Hold, Others Build On

By
August 22, 2008

By Kristy Eppley Rupon – The State

The housing downturn and struggling economy have stalled a high-profile Forest Acres neighborhood, leaving one empty house and several others in various stages of construction.

Developers had planned a gated community of 32 homes starting at $600,000 with the latest in fiber optic technology, adjacent to the Rockbridge Country Club off Trenholm Road.

“Some of the builders got caught in the economic slowdown,” said developer John Cooper, who has sold eight of 32 lots to builders.

Cooper, son of Forest Land Co. owner Edwin Cooper Jr., said the family, longtime local developers, will not dump the project. The Cooper family has been developing land in the Midlands for three generations and is responsible for the Spring Valley and Woodcreek Farms neighborhoods.

Cooper said he plans to ride out the current downturn and refocus the project on environmentally sensitive development.

“We’re in it for the long run,” he said. “It’s obviously tough right now for builders building spec houses. It’s tough for people getting financing and selling the house that they’re in. When things turn around, we’ll be having some lots for sale.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/business/story/498236.html
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