Stonecrest subdivision goes to court

Stonecrest subdivision goes to court

Eugene's Stonecrest subdivision that was stalled by the housing bust is mired with legal troubles.

On the eastern two-thirds of the site, where the original developer left streets unfinished, years of winter rains have scoured deep cuts in the rough gravel roadbeds. The side of a 120-foot stretch of one gravel roadway sloughed downhill in a rain-induced landslide last winter.

The project — which epitomizes the Lane County real estate market’s boom, bust and attempted recovery cycle — has left a number of people very unhappy.

The current owner of the subdivision — a development group called Stonecrest Properties LLC — recently sued the city of Eugene and the Eugene Water & Electric Board, saying the public agencies failed to ensure that the original developer, Bend-based Mark Vukanovich, completed the streets, sewer lines and other utilities. Stonecrest Properties — the members of which include prominent Eugene real estate investors Alan Evans and Andy Storment and Eugene’s Korth family — wants the city to cough up $2.6 million to complete the public infrastructure on the subdivision’s unfinished eastern two-thirds.

Read more at The Register-Guard.

{biztweet}stonecrest{/biztweet}