This post from May linked several Sun Herald stories on developers Robert Windham and Mike Adkinson and their taste for large tracts of land in Stone County. That post, which generates continued interest contained this blurb:
Frankly I think this is wishful thinking. Even if they get enough money to keep the project on life support, it is doomed. The article explains why:
Stone County Supervisor Wendell Patton said the developers are proceeding with Beaver Creek Estates, which he said will have 498 lots on 346 acres. He said they have installed a water tank, drilled a well, paved roads and built sidewalks.
In response to a comment on that thread I promised to ask around. Several months later larger economic events have intervened hastening the inevitable. The word on the street is the Developers owe a substantial amount for infrastructure installation and work at Beaver Creek Estates has ceased without a single start. The much larger Horizons development is similarly stalled. My local source remarked that Mssrs. Windham and Adkinson have built fewer than ten houses total in southern Stone County.
While I had the ear of my friend I asked about the retail development in Wiggins that was announced with great fanfare earlier this year.
A California investor predicts a “gold rush” of real estate development in South Mississippi. That’s why he’s launching the largest retail development in Stone County history.
It’s toast too. The money backing the project long gone. I suspect the better projects will obtain funding over time. My opinion that Horizons was a boondoggle has not changed. The shopping center is an entirely different story IMHO.
There are other projects where the venture capital walked on major projects elsewhere on the coast but I can’t discuss them. Our readers are welcome to chime in with their own examples however. The fallout from Wall Street’s implosion will take some time to make it’s way through the system.