WENDELL — The long dormant Wendell Falls subdivision project could soon show signs of life.
Wendell staff announced last week that Wells Fargo, the bank that owns the foreclosed 1,300-acre property, has decided to complete the 1.5-mile Wendell Falls Parkway, a stretch of road that will connect U.S. 264 to Poole Road.
Completing the road will make the property more attractive to a potential buyer, staff said.
This is certainly great news for our town. We all know this is a huge step to getting a developer to move forward, Mayor Tim Hinnant told the Board of Commissioners last week.
The Fred Smith Company of Raleigh has been awarded the contract, and construction is expected to begin after July 4, Hinnant said. Teresa Piner, Wendell town manager, said a complete timeline is not yet available.
Wendell officials did not say how much parkway construction would cost Wells Fargo, or whether the banks completion of Wendell Falls Parkway is part of a deal with a potential buyer.
After Wendell Falls developers went bankrupt in 2008, Wells Fargo began foreclosing on portions of the property and in 2010 bought 16 parcels of the project at auction for $25.6 million, according to Wake County property records.
The property, with much of its infrastructure already in place, went on and off the market twice before it came back on the market in March, according to Piner. Since then, interest in Wendell Falls has increased, a Wells Fargo spokesman recently told Wendell commissioners.
Located just west of Wendell in the towns extraterritorial jurisdiction, Wendell Falls originally was planned for about 4,000 homes.