Millbridge & Cureton sold

I'm a little late on this, but Millbridge and Cureton were sold by BB&T to a joint venture of developers, says the Charlotte Business Journal.

A snippet:

Millbridge and Cureton, which comprise 1,276 acres of southwestern Union County, have been bought from BB&T Corp. The two communities had been taken back by the bank through foreclosure proceedings.

Atlanta developer Landeavor and Chicago-based private-equity firm Walton Street Capital formed a joint venture to buy the communities.

“We believe it’s a good time to invest in high-quality residential assets that are well positioned for the recovery,” says Adam Lorry, Landeavor co-founder.

Given the state of the economy and the glut of houses on the market, this seems like a strange time to make such an investment, but there's not enough details in the article to cast judgment nor do I consider myself qualified enough to make such a judgment on the viability of this investment for that matter.

Given how long neighbors have had houses on the market, I'm not sure I'd be investing in real estate at this time.

The article does have an somewhat interesting quote from the Mayor though. It is:

Daune Gardner, mayor of Waxhaw, says building activity in the subdivisions is “yet to be seen.” Landeavor officials have been talking to Waxhaw administrators about renewing a conditional-use permit at Millbridge.

This is probably due to the editorial discretion of the author/editor of the piece, but the mayor comes off as rather curt. Mainly due to the fact that if the purchase has just occurred, it seems far too early to expect to see any significant building activity occur.

Maybe I'm reading too much into this, but the fact that the mayor and others pushing for the Waxhaw Research Park had been eying up Millbridge as a possible location for said park comes to mind. At first glance, it would seem like this investment preliminarily suggests that Millbridge may not a potential location for the research park.

By the way, has anyone finished reading the poorly written (if the early pages are any indication) 200-page report on the research park yet? If so, let me know because if you make it through the whole thing, you deserve to be recognized.