Issue: May 2007 Issue
Too Little, Too Late
A vacation resort might still be in the cards for Lorain County, but the chances of a European consortium heading the development is unlikely after three years of failed attempts to purchase South Amherst quarry property from American Stone Industries Inc.
Since 2004, Trans European Securities International LLP has promised to buy the nearly 1,000 acres from American Stone - entering into numerous buying options and a contract agreement in 2005 - in order to build a premier $1.2 billion golf and vacation resort.
City and county officials applauded the concept, but Trans European missed its deadline last year to buy the property for $15 million. The failure to pay up was the last straw for American Stone, according to Chairman Tom Roulston, who announced the nullified deal in March 2007, almost a year after it fell through.
Now since the property Roulston describes as "magnificent" is up for grabs, local and national developers have requested tours and information on the property, he says.
"People who have come over have been very impressed by the property," Roulston says. Developers have considered creating a golf course, building hotels, five-star restaurants and even an equestrian center on the land.
Despite no agreement, Trans European officials recently notified Roulston that the company will continue with its plans to purchase the quarry.
"They would love to have an option on the property, but isn't that putting the cart before the horse?" Roulston asks. "We are twice burned, three times burned here. Next time if they want to buy the property, bring us a check."
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