Planned subdivision grinds to a halt

It was supposed to be the developers’ cornerstone, a brand-new subdivision with energy-efficient houses costing upwards of $700,000.

Four years later, Etalon is still unfinished, sitting just off Highway 51 with empty buildings and worn-down ­landscapes.

“We haven’t been able to do anything with the property in regards to development for nine months,” Shea Homes president John Shea said, blaming a dispute with Wachovia. Shea said that the company hadn’t been able to work out financing terms with the bank and, as a result, were unable to proceed. Talking about Etalon is apparently still a delicate subject for some, as South Charlotte Weekly was sent from office to office, with hardly anyone willing to discuss what happened to the nearby subdivision.

Etalon was created as a joint venture between Charlotte-based development groups Rhein/Medall Interests and Shea Homes. The plan called for a gated community of 54 homes, complete with brick exteriors and side-entry garages, to join Shea’s other Charlotte communities, The Palisades and Dominion Point at Highland Creek. Prices would range between $700,000 and $900,000. The two companies formed Etalon LLC and, after several homes had been completed, filed for a homeowners association with the North Carolina Secretary of State’s office in 2008. That’s as far as the project moved, however, with no one coming forward to purchase the existing models and the developers unable to afford building any more.

When contacted on Feb. 2, Rhein/Medall founder Jim Medall said that he and his group weren’t the best people to discuss Etalon, as Shea Homes had been the facilitators of the project. He declined comment when asked what he thought of the project’s future.

“The only time we go by anymore is to keep up the grounds,” Shea said, adding that in the current economic climate, he wasn’t sure when the project could get off the ground. Asked if it was something he could see re-launching in the first half of 2010, Shea said he doubted it.

“This is still something that we’re interested in, but moving forward depends on a good word from the bank,” Shea said, adding that he wouldn’t put a timetable on it.

In the meantime, the subdivision itself hasn’t seen much attention lately. Trash lines the gutters, while the grass hasn’t been cut in a while. Shea said that someone from the company goes by routinely to do what he referred to as “general upkeep,” including cutting grass and cleaning the exterior. When asked about the subdivision’s current condition, Shea said the group had and would continue to clean up the area.

“We hope to move forward with this project,” Shea said. “I just can’t tell you when that will be.”