Reynolds Restarts Infrastructure Construction at Laurelmor
There is life after Ginn for property owners at former Ginn development near Blowing Rock, NC. A soft opening, perhaps under a new name, is planned for fall.
Palm Coat, FL – August 1, 2009 – Laurelmor, near Blowing Rock, NC was another Bobby Ginn-planned luxury community. It was also one of the properties pledged against Ginn’s defaulted $675 million loan from Credit Suisse. As a result of the default, the property was purchased for a reported $30 million by Georgia-based real estate developer Reynolds Signature Communities in December ’08. An informative article in the Wilkes Journal-Patriot reports that construction at Laurelmor is again underway. [read article]
When fully developed, the community will consist of approximately 2,000 residential units centered on a Rees Jones-designed golf course. Reynolds plans a fall soft opening and a possible name change followed by a Grand Opening next year.
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