20231100 Ver 1_More Info Received_20231005

Bayard Simonini
Sue Homewood
401 & Buffer Permitting Branch
Division of Water Resources
North Carolina Department of Environmental Quality
Our Mayes Meadow project has been a much lengthier endeavor than any other project I have
worked on in 30+ years of my career. A high -end project based on conservation and
preservation from the start, our group has made that premise first and foremost in our planning
from day one and our plan reflects it. Maximizing open space, preserving the old growth trees on
the property, as well as, walking trails to allow the community to enjoy a conservation easement
and wetland mitigation bank were paramount. Unfortunately, delays outside of our control,
mainly due to sewer capacity being shut down within the basin for the past two years, and
historically high construction cost increases over the past several years have created a huge
financial burden on this property.
The original cost for the property was $6.5mm and has ballooned over time to over $1Omm. The
latest cost increases for developing the property have doubled over that same time frame adding
an additional $7mm in cost. Originally approved for 165 lots, we have further reduced the
number of lots down to 154 lots, along with spending $100k redesigning our main entrance road
to insure we were staying as much out of the wetlands as possible. Furthermore, because of the
lost lots after our approved rezoning due to newly identified wetland easement impacts and
further wetland identification, $2.6mm has been lost in top line revenue. At this point, the project
is teetering financially with an additional 8 figure increase in cost and 7 figures in lost
revenue. Removing more lots would no longer make this project viable at this point and would
likely mean its termination. We would appreciate your understanding to see the amount of effort
our team has placed on producing a quality, conservation community and to understand the
financial metrics associated at this point. Our consultants will be following up with you with a
description of our avoidance and minimization methodology.
Sincerely,
Ken Holbrooks
1108 Industrial Drive
Matthews, NC 28105