After a lengthy battle to organize the once defunct property at the Norris Lake Villages, new owners of the development MIROBO has announced the continuation of the project.
“It has been a long and exhausting couple of months and with the help of the Campbell County Planning Commission, First Trust and Savings, Spath Bros. LLC., the Villages HOA and lot owners, we are excited to announce that the vision that once was The Villages at Norris Lake will now become a reality,” said MIROBO partner Boog Potter.
The successful negotiation with the bonding company has allowed MIROBO LLC., to move forward with the construction of roads and infrastructure at The Villages.
Crews are currently working to install roads and utilities in phases one and three, according to MIROBO partner Mike Martinez. With new bonds in place for the development, MIROBO expects all infrastructure and roads to be completed by the end of the year.
To announce the continuation of the development, Martinez said a groundbreaking ceremony will be held to symbolize the re-launch of the project.
A ceremonial ribbon cutting will take place on tomorrow, May 15, at 1 p.m. at the development site.
“We always believed in the beauty of the land, now we can work towards creating that sense of community that we all believed in as well,” said Martinez.
Land Resources, who filed bankruptcy and sold the remaining lots earlier this year, purchased The Villages community from Shelby Industries.
MIROBO, the largest shareholder of Emerson Properties LLC., purchased the remaining 205 lots and the rights to build a marina for $1 million in February from the bankruptcy court.
Land Resources sold about 410 lots at The Villages, garnering them over $30 million though it purchased the property for only $4 million in 2005, according to the Campbell County Register of Deeds records.
While the process to continue land infrastructure has taken several months, MIROBO still awaits rights to a marina permit from the Tennessee Valley Authority.
The continuing of the infrastructure was delayed because several of the lot owners had to agree to exchange properties due to engineering problems in phase two. All of the lot owners in problematic areas have been successfully moved to other lots where the infrastructure is closer to completion, said Martinez.
MIROBO has invited the public as well as those involved in getting the project going to the groundbreaking ceremony.