By allowing ads to appear on this site, you support the local businesses who, in turn, support great local journalism.
Hedgewood staves off foreclosure in Vickery
Placeholder Image
Forsyth County News

It appears three major Forsyth County developments may have dodged foreclosure.

Part of Hedgewood Properties’ Vickery, Hampton and Chattahoochee River Club developments were scheduled to be sold on the Forsyth County Courthouse steps Sept. 2, according to legal notices published in the Forsyth County News.

The property includes about 19 parcels of land totaling an estimated $44 million.

Pam Sessions, co-founder and chief executive of Hedgewood, said last week the sale didn’t happen and may not have to.

“Wachovia did not foreclose and we’re continuing to try to work to resolve this,” she said.

Sessions said she expects that resolution to come within the next three to four weeks.

“Every day you just get up and work on that day,” she said.

Vickery is a 214-acre mixed-use development at Major and Post roads in south Forsyth. About 250 homes have sold in the development since summer 2003.

Vickery Village, the commercial portion, boasts about 35 specialty shops and restaurants. Reportedly, the village and about one-third of the residential portion were included in the foreclosure, while the YMCA and a couple of the other parts of the village were excluded.

Less than 1 percent of the Hampton and Chattahoochee River Club developments faced foreclosure. The properties are platted, but homes have not been built on them.

Hedgewood Vice President David M. Smith has said previously that the debt amount could be less than it appears and that every time a property is sold, that debt decreases.

He said the current economic downturn has the company downsizing and restructuring, but that it plans to survive.

In May, Hedgewood was involved in the foreclosure of about 26,000 square feet of retail space in a similar mixed-use project in the nearby Cherokee County town of Woodstock.