Controversial Lagoona Bay project in Huntersville now over, developer confirms - Thursday, Sept. 14
Months after Huntersville residents first learned of a proposed resort-type project, the developer behind it has told WCNC Charlotte the project is officially ended and no longer happening. Jake Palillo, the man in charge of Bi-Part Development, told WCNC Charlotte reporter Austin Walker that the Lagoona Bay/Waterside development will no longer move forward, claiming it wouldn't work out financially with a reduced plan to meet current zoning regulations. “We decided the Lagoona Bay project at a scaled-back version doesn’t make sense, doesn’t work," Palillo said. Palillo told WCNC Charlotte there were a few reasons behind the decision. There were a slew of changes due to zoning problems with the city, the city didn't approve a zoning change, and Palillo had to adjust his design. He also had to eliminate key items and hundreds of homes. Further, he said the economy has taken a turn. “The economy is scaring us, mortgage rates are 7 ½%," Palillo said. "Business loan failures are going out there.” While he pulled the plug, he said he also lost $800,000. READ MORE: https://www.wcnc.com/article/news/local/lagoona-bay-huntersville-project-over-local/275-b1541003-9ebd-4d08-9a63-28cfae4bbc1d
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Show Notes
Months after Huntersville residents first learned of a proposed resort-type project, the developer behind it has told WCNC Charlotte the project is officially ended and no longer happening.
Jake Palillo, the man in charge of Bi-Part Development, told WCNC Charlotte reporter Austin Walker that the Lagoona Bay/Waterside development will no longer move forward, claiming it wouldn't work out financially with a reduced plan to meet current zoning regulations.
“We decided the Lagoona Bay project at a scaled-back version doesn’t make sense, doesn’t work," Palillo said.
Palillo told WCNC Charlotte there were a few reasons behind the decision. There were a slew of changes due to zoning problems with the city, the city didn't approve a zoning change, and Palillo had to adjust his design. He also had to eliminate key items and hundreds of homes. Further, he said the economy has taken a turn.
“The economy is scaring us, mortgage rates are 7 ½%," Palillo said. "Business loan failures are going out there.”
While he pulled the plug, he said he also lost $800,000.
READ MORE: https://www.wcnc.com/article/news/local/lagoona-bay-huntersville-project-over-local/275-b1541003-9ebd-4d08-9a63-28cfae4bbc1d