A Lake Norman developer canceled plans for a $800 million, 270-acre development in Huntersville that would have included a beach resort, recreational lagoon and more than 600 homes.
Developer Jake Palillo told Business Today Wednesday that the planned development, introduced in April, would not meet financial goals after scaling back the project.
Voting 6-2 against the plan back in June, the Huntersville Planning Board urged the Board of Commissioners to reject the rezoning request for the project, saying it would create more traffic on N.C. 73 and would be “a total transformation from a rural corridor into a fully intensified one.”
Huntersville Town Board members delayed their decision after substantial changes to the project were made.
“As the Lagoona Bay/ Waterside project comes to an end, our love for Huntersville and wanting to make it better doesn’t,” Palillo said in part in a statement shared with Business Today. “The Lake Norman area is home to me and my family.”
In July, Palillo said he had renamed the community originally dubbed Lagoona Bay Beach Club as “Waterside,” The Charlotte Observer reported.
The rebrand also came with other changes, including the addition of man-made ponds, mini lakes and 90 single-family homes slated to replace townhomes, which were in the original plan.
Palillo also nixed plans to build 212 condos or living options above restaurant and retail space, slash the number of homes from 1,182 to 692 and the size of his recreational lagoon from 10 to 8 acres.