- March 17th, 2004, 1:41 am
#4054
Yes, I know this site is about Carowinds, but this place was located just 15 min. down the road, and it also had a nice Waterpark.
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By Ken Elkins
The Business Journals
Updated: 7:00 p.m.*ET March* 14, 2004
The 2,200-acre former home to televangelist Jim Bakker and the PTL ministries is being sold in a series of transactions that will lead to development of more than 3,500 homes and townhouses.
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The exception to the residential theme for the project now known as Regent Park is a $17 million mixed-use development to be anchored by a supermarket on 16 acres at the U.S. Highway 21 entrance to the property, north of Fort Mill.
The development, called Town Square at Regent Park, is expected to include 65,000 square feet of retail and 50 townhomes, to be developed by Kent Olson and Charlotte-based Olson Development.
Current property owner Malayan United Industries has sold tracts on the western side of Regent Park, which is bisected by Norfolk Southern Corp. rail line, to eight developers who plan a total of 1,350 homes and townhouses on 14 sites there.
The largest single purchaser is Cornerstone Development of the Carolinas Inc., which plans 400 single-family homes and 250 townhomes on four tracts.
On the eastern side of Regent Park, U.S. Land Investments has an agreement to buy 900 acres from MUI, industry sources say. The company hopes to develop 1,500 homes and townhomes while reserving space for a mixed-use center that would include space for a light-rail commuter stop.
Further details of those plans haven't been disclosed. Stephen Rosenburgh, president of U.S. Land Investments, declines comment.
A final element of the plan would reserve 50 acres -- including the former Radisson Grand Hotel -- for sale to a Christian school for an educational, seminar and conference center. The identity of the school hasn't been disclosed.
York County officials question the wisdom of adding 3,500 homes and more school-aged children to the already-crowded Fort Mill public schools.
"Residential is a revenue loser for the county," says Mark Farris, director of the York County Economic Development Board. "Studies have shown that for every $1 of property tax revenues in residential areas, the county and schools spend $1.20 in services."
That compares with 35 cents to 65 cents in service costs for commercial and industrial uses, he says.
"We're struggling to maintain a balance between land use in York County," he says.
Farris would prefer to see more of Regent Park devoted to commercial and industrial use.
"It's the best piece of property in the county: best in location under one ownership," he says.
Buying and selling For Faison Kuester, president of Kuester Real Estate Services, the recent property sales have brought Regent Park full circle.
As a young real estate agent in the late 1970s, he helped Bakker assemble the initial 1,200 acres of Heritage USA. In a series of transactions during the past year, Kuester has sold 14 sites on the western side of Regent Park that will be developed into tracts for 1,350 homes and townhouses.
"I got in on the development from the ground up," Kuester says. "I found myself back where I was 20 years ago."
The property has been on the market almost 10 years. Regional developers say the property's wetlands and poor access, along with MUI's stringent requirements for perspective buyers, have torpedoed half a dozen efforts to develop the land, primarily in the late 1990s.
Previous proposals for the former PTL site included plans for a $250 million Opryland-like entertainment and convention complex. That idea died in 1998.
The following year, former NFL star defensive end Reggie White floated plans for a Bible-themed park at the site. Nothing materialized from that proposal, either.
"But if you take a good location like this one, it will always work out -- maybe not on your timetable, but it will work out," Kuester says. "The highest and best use is residential."
Open and close MUI reopened the hotel in 1995 under a management agreement with the Radisson hotel chain. The hotel and its attached retail complex closed for good in 1998, when the Radisson Grand Resort was shuttered.
With the demise of the hotel and the various redevelopment proposals, pieces of the property slowly began to be sold for housing. Eventually, about 800 homes were built at Regent Park, along with a tournament-class golf course.
Through it all, the taint of the Bakker days was slow to dissipate.
Jim and Tammy Faye Bakker built the sprawling Heritage USA complex with proceeds from followers' contributions, raised on televised PTL Club promises that donors could always spend their vacations there.
At its height in the early 1980s, Heritage USA attracted 6 million people annually to its water park, hotel, horse stables and retail center. Construction of a 500-room, 21-story time-share hotel was started but never completed, leaving a windowless shell.
In March 1987, Bakker resigned from PTL amid sex and money scandals involving former New York church secretary Jessica Hahn. Bakker subsequently served five years in prison on federal fraud and conspiracy charges related to overselling partnerships at Heritage USA.
In 1990, Malaysia-based MUI and partners bought the resort out of bankruptcy but struggled to find a way to develop it.
Today, Laura Ashley USA is based there, after MUI took over the troubled British fashion retailer.
One proposal for Regent Park's redevelopment would keep Laura Ashley operations on site, using the company's distribution center as a focal point for U.S. Land's mixed-use project. Thanks to Carowinds 73-03 for pointng this out!
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At it's peak, Heritage USA was one of the premier family resorts in America. It featured a beautifully detailed Main Street Area that was inspired by Main Street USA at WDW.
There was also a pretty kick-butt waterpark as well, "Splash USA" I think it was called, though I don't remember that much about it.
Just before PTL collapsed there were also rumors going around about the addition of some Amusement rides and a steam train. (The Steam Train was sold to Busch Gardens Williamsburg)
Gaylord Entertainment (Opryland USA) wanted to buy it and build a giant hotel on the site a few years ago. I'm not quite sure why they backed out.
It seems kind of a waste to turn it into an industrial/residential park. Somebody could have built a nice, BIG park there.
I wonder if Micheal Eisner is still interested in building "Disney's America"....
****************************************************************
By Ken Elkins
The Business Journals
Updated: 7:00 p.m.*ET March* 14, 2004
The 2,200-acre former home to televangelist Jim Bakker and the PTL ministries is being sold in a series of transactions that will lead to development of more than 3,500 homes and townhouses.
advertisement
The exception to the residential theme for the project now known as Regent Park is a $17 million mixed-use development to be anchored by a supermarket on 16 acres at the U.S. Highway 21 entrance to the property, north of Fort Mill.
The development, called Town Square at Regent Park, is expected to include 65,000 square feet of retail and 50 townhomes, to be developed by Kent Olson and Charlotte-based Olson Development.
Current property owner Malayan United Industries has sold tracts on the western side of Regent Park, which is bisected by Norfolk Southern Corp. rail line, to eight developers who plan a total of 1,350 homes and townhouses on 14 sites there.
The largest single purchaser is Cornerstone Development of the Carolinas Inc., which plans 400 single-family homes and 250 townhomes on four tracts.
On the eastern side of Regent Park, U.S. Land Investments has an agreement to buy 900 acres from MUI, industry sources say. The company hopes to develop 1,500 homes and townhomes while reserving space for a mixed-use center that would include space for a light-rail commuter stop.
Further details of those plans haven't been disclosed. Stephen Rosenburgh, president of U.S. Land Investments, declines comment.
A final element of the plan would reserve 50 acres -- including the former Radisson Grand Hotel -- for sale to a Christian school for an educational, seminar and conference center. The identity of the school hasn't been disclosed.
York County officials question the wisdom of adding 3,500 homes and more school-aged children to the already-crowded Fort Mill public schools.
"Residential is a revenue loser for the county," says Mark Farris, director of the York County Economic Development Board. "Studies have shown that for every $1 of property tax revenues in residential areas, the county and schools spend $1.20 in services."
That compares with 35 cents to 65 cents in service costs for commercial and industrial uses, he says.
"We're struggling to maintain a balance between land use in York County," he says.
Farris would prefer to see more of Regent Park devoted to commercial and industrial use.
"It's the best piece of property in the county: best in location under one ownership," he says.
Buying and selling For Faison Kuester, president of Kuester Real Estate Services, the recent property sales have brought Regent Park full circle.
As a young real estate agent in the late 1970s, he helped Bakker assemble the initial 1,200 acres of Heritage USA. In a series of transactions during the past year, Kuester has sold 14 sites on the western side of Regent Park that will be developed into tracts for 1,350 homes and townhouses.
"I got in on the development from the ground up," Kuester says. "I found myself back where I was 20 years ago."
The property has been on the market almost 10 years. Regional developers say the property's wetlands and poor access, along with MUI's stringent requirements for perspective buyers, have torpedoed half a dozen efforts to develop the land, primarily in the late 1990s.
Previous proposals for the former PTL site included plans for a $250 million Opryland-like entertainment and convention complex. That idea died in 1998.
The following year, former NFL star defensive end Reggie White floated plans for a Bible-themed park at the site. Nothing materialized from that proposal, either.
"But if you take a good location like this one, it will always work out -- maybe not on your timetable, but it will work out," Kuester says. "The highest and best use is residential."
Open and close MUI reopened the hotel in 1995 under a management agreement with the Radisson hotel chain. The hotel and its attached retail complex closed for good in 1998, when the Radisson Grand Resort was shuttered.
With the demise of the hotel and the various redevelopment proposals, pieces of the property slowly began to be sold for housing. Eventually, about 800 homes were built at Regent Park, along with a tournament-class golf course.
Through it all, the taint of the Bakker days was slow to dissipate.
Jim and Tammy Faye Bakker built the sprawling Heritage USA complex with proceeds from followers' contributions, raised on televised PTL Club promises that donors could always spend their vacations there.
At its height in the early 1980s, Heritage USA attracted 6 million people annually to its water park, hotel, horse stables and retail center. Construction of a 500-room, 21-story time-share hotel was started but never completed, leaving a windowless shell.
In March 1987, Bakker resigned from PTL amid sex and money scandals involving former New York church secretary Jessica Hahn. Bakker subsequently served five years in prison on federal fraud and conspiracy charges related to overselling partnerships at Heritage USA.
In 1990, Malaysia-based MUI and partners bought the resort out of bankruptcy but struggled to find a way to develop it.
Today, Laura Ashley USA is based there, after MUI took over the troubled British fashion retailer.
One proposal for Regent Park's redevelopment would keep Laura Ashley operations on site, using the company's distribution center as a focal point for U.S. Land's mixed-use project. Thanks to Carowinds 73-03 for pointng this out!
****************************************************************
At it's peak, Heritage USA was one of the premier family resorts in America. It featured a beautifully detailed Main Street Area that was inspired by Main Street USA at WDW.
There was also a pretty kick-butt waterpark as well, "Splash USA" I think it was called, though I don't remember that much about it.
Just before PTL collapsed there were also rumors going around about the addition of some Amusement rides and a steam train. (The Steam Train was sold to Busch Gardens Williamsburg)
Gaylord Entertainment (Opryland USA) wanted to buy it and build a giant hotel on the site a few years ago. I'm not quite sure why they backed out.
It seems kind of a waste to turn it into an industrial/residential park. Somebody could have built a nice, BIG park there.
I wonder if Micheal Eisner is still interested in building "Disney's America"....
