WRAL reports that Olde Towne, which was to be a "cornerstone of redevelopment efforts in southeast Raleigh," will not happen -- at least not anytime soon -- as the developer let the property fall into foreclosure.
Olde Towne was slated to occupy 600 acres at Rock Quarry and New Hope roads, and was to include hundreds of upscale homes and 500,000 square feet of retail space. Although much of the land has been cleared, nothing was ever built.
Ohio-based National City Bank took possession of the property last month after Greystone Development, the project's Baltimore-based developer, defaulted on a loan.
The phone at Greystone's local office has been disconnected, and officials couldn't be reached Monday for comment.
Tyler Toulon, a real estate broker and former member of the Raleigh Planning Commission, said Olde Towne was a key component of the 20-year plan for the area. The development's collapse jeopardizes future growth in the area, he said.
"The rest of Raleigh – north, east, west, all areas – have developed significantly. Southeast has not," Toulon said.
Toulon is on the money. Even when there has been progress in that part of town, it has been counterbalanced by what many view as not much in the way of "progress."


















