Laurel Cove construction is halted according to the nashville business journal, Problems with the investment banking firm, Lehman Brothers Holdings Inc. last month has halted construction of Laurel Cove, the Greg Normal golf community in Williamson County,
Laurel Cove - is one of the largest active residential projects in Middle Tennessee at 1120 acres and will be on hold indefinitely after the bankrupt Lehman defaulted on its $121 million construction loan for the project.
"We want to assure the public that Lehman Brothers Holdings Inc. has no ownership in the project," Philip Jones, president of Tentara Partners, says in a statement to the Nashville Business Journal. "We anticipate a four to five month complicated negotiating process with the Lehman Bankruptcy Trustee."
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**************Update as of 1/24/2012*****************
Now, Texas-based Terra Verde Group has taken over the project with plans to invest $750 million to build 800 homes, The Tennessean reports. Terra Verde has renamed the neighborhood. Terra Verde plans to break ground on the first home this spring, and hopes to complete 30 by year's end. Homes are expected to be priced from $500,000 to $1 million.
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Terra Verde plans to break ground on the first home this spring, and hopes to complete 30 by year's end. Homes are expected to be priced from $500,000 to $1 million.