After nearly three years of struggle, optimism has returned to the Massey subdivision off Doby's Bridge Road, residents say.
The development cycle of the subdivision mirrored the nationwide housing crisis that helped ignite the recent recession. The original plan for Massey in 2008 called for building 1,000 homes costing from $250,000 to $1 million and setting aside 20 acres for an elementary school.
As of this week, there are 47 homeowners in Massey, with prospective builders awaiting state approval of infrastructure so construction can resume.
Massey has reversed its fortunes in recent months. According to two-year resident and homeowners association advisory board member Kristie Strandberg, there is a feeling of optimism for the first time in years.
"I feel we've turned a corner as a development and as a community," said Strandberg, a Minnesota native who moved to Massey with her family in October 2009.
In August of 2009 the Strandberg family put their Minneapolis home on the market at foreclosure prices after a string of rapid foreclosures occurred in their former subdivision. The family moved to Massey in hopes of finding a more stable housing situation.
"It was a tough road with a lot of emotions involved, but the progress this community has seen in recent months has been an encouraging sign for all of us," she said.
Near the end of 2009, the Massey development took a turn for the worse. Chief Massey land developer Sandler of Doby's Bridge LLC - owned by parent company L.M. Sandler and Sons - halted operations.
Other builders and real estate agents followed suit, and work at the Massey community stopped. Strandberg and fellow Massey residents tried to gather information on the future of their development.
"Sandler turned a blind eye to both builders and the community, and that lack of communication scares people," Strandberg said. "We made frequent unanswered phone calls and inquiries, and it felt like they neglected us. We didn't have a clue as to the fate of our neighborhood."
L.M. Sandler and Sons could not be reached for comment.
Issues residents said went unaddressed at Massey included erosion, lack of landscaping maintenance and the accumulation of debris and refuse.
Strandberg said a lack of support from the developer to the homeowners' association, Charlotte-based Abbot Excellence, led to thefts of TVs from a clubhouse that did not have electronic security.
While Massey residents had to "police themselves" according to Strandberg, the land was involved in a rapid changing of hands.
Ohio-based bank Amtrust took control of the development, but was closed a short time later and taken over by the Federal Deposit Insurance Corp. in early December 2009, inheriting billions of the Cleveland-based bank's bad loans. As of spring 2010, all land owned by the FDIC that Amtrust defaulted on was subject to auction, including Massey.
A petition by concerned Massey residents was given to U.S. Sen. Jim DeMint.
Seeing potential in the development that stood on the brink of a sale, DeMint pushed for a new land development group to take control. "We contacted Senator DeMint with our petition around the time the empty lots were about to go to auction," said Massey resident Kate Maddox.
She serves as a chair of the neighborhood's pool committee. "He saw the property as being great for Fort Mill and really pushed to get us back on track, and the residents here can't thank him enough," Maddox said.
Because of DeMint's efforts, Iota Doby's Bridge LLC, a joint venture among the FDIC as the majority owner, Gibraltar Capital, Oak Tree Capital Management and Milestone Capital Management groups was formed.
Gibraltar's task was to revitalize the property.
The town of Fort Mill also had an interest in the project.
"We met with Gibraltar in hopes of bringing Massey back up to a worthy development," said Fort Mill Assistant Town Manager Joe Cronin. "Things like weeds being trimmed, property being properly maintained and runoff conditions meeting state requirements were top priorities. As of now, we're happy to finally see progress being made."
"I really feel like the current development group is invested in us, and don't want to kick us to the curb," Strandberg said. "Everything they said they would do they've done so far."
This summer , Massey's community pool held a grand opening and the first official Massey homeowners meeting was held at Doby's Bridge Presbyterian Church on June 29. Among the issues discussed were the plans to see the first phase of Massey's construction completed , a three-year development of 295 future Massey lots.
The issue of land erosion has been solved as well, residents said.
According to Cronin, projects such as Massey being resurrected could mean great things for the local economy, as well as be an indication that local real estate just might be on the rise once again.
"In the two years since I've been here, it's been the busiest I've seen in terms of new subdivisions and dormant projects coming back to life," Cronin said. "I won't say we're booming, but it's much better than we were mere months ago. It's a pretty exciting time."
"When the property was solely owned by the bank we didn't have interest in negotiating to build in Massey," said Joyce Buchanan, a sales agent for MI Homes.
The development group was an initial builder in Massey circa 2008, but backed out of the property due to the development issues.
"If MI Homes had been able to purchase lots in there, I think we would've been selling in Massey. You hear doom and gloom a lot these days, but I think if you have the right product and location you will still be successful."
For Massey residents Hal and Brenda Multon, two retired northeastern natives who settled upon Fort Mill because of its proximity to Charlotte medical facilities, the renewed interest has rewarded their faith in Massey's future.
"We had faith since day one that this neighborhood would realize its potential," said Hal Multon.
"It's too nice of a location, too nice of an area and too nice of a town. We see at least five to 10 unfamiliar cars ride through everyday, which can only be a good thing in my eyes," he said.
