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This looks like a mess...I thought they sold quite a few lots already in Bretagne.
Bretagne Close To Foreclosure
Charlotte Business Journal - by Katy Finger Staff writer
Construction on the 300-acre site that was supposed to have 400 homes stopped last year.
The developers of a gated community that was expected to deliver Lancaster County’s first $2 million homes are fighting the clock to get the development sold.
Bretagne Development Group — which defaulted on its $25 million construction loan — is trying to arrange a sale of Regions of Bretagne before Wachovia Corp. forecloses. But the proposed buyer, a New York private-equity firm called Elauwit, is having trouble finding financing in the current credit market.
“With the way things are in the financial markets, they’ve had a hard time getting funding,” says Troy Ludemann, a principal at Bretagne Development. “We’re doing everything we can to aid the buyer in obtaining financing.”
Construction on the 300-acre project stopped last summer, several lawsuits have been filed and contractors say they are owed more than $1.2 million.
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