You’ve heard of ghost towns before, haven’t you?
Occasionally, the concept is depicted in a movie or a television show. A group of friends somehow stumbles upon a place that the rest of the world has forgotten. There are always dusty roads and empty buildings, but there is no sign of life. The people who lived there have moved on.
There’s also something called a ghost development, or a ghost community. As far as we know, it’s never been depicted on film. In this scenario, a builder has a vision to construct a neighborhood. They start by clearing the land, cutting down trees, and sectioning off lots. Then something goes wrong that causes all the work to suddenly stop.
In 2008, that “something” was the collapse of the housing market. The hard financial times caused the construction of neighborhoods across the country to come to a complete stop. But now, largely because of one investor, two ghost communities in Brunswick County may be getting a second life.
When the building stopped more than 15 years ago, a real estate investment firm called Drapac started to purchase the land on which communities were being delayed or outright abandoned. For the builders, selling off the property was a way to regain some of their money. For Drapac, the move was a bit of a gamble. The theory was that if they could buy the land at prices reduced by the crisis, eventually things would turn around, and they would be able to sell the land to other developers at full price.
With all the growth, especially in southern Brunswick County, it now appears that the gamble has paid off. Drapac has informed local government officials that it has received offers from developers on two forgotten projects.
San Rio Ocean & Beach Club in Shallotte
In the mid-2000s, the Wakefield Development Corporation out of Raleigh had a vision to build a Caribbean-themed resort on Gray Bridge Road in Shallotte. Plans called for 1,200 single-family homes, as well as another 1,200 condominiums and townhomes. The community was expected to double the population of the town. The pictures on the left may look like a high-end resort, but in reality it’s a rendering of what the neighborhood was going to look like.
The first lots sold in February 2007, but a year later, the market crashed, and the project stopped. For the last 15 years, all that’s been is one large entrance sign welcoming motorists to a community that doesn’t even exist.
Drapac bought the property in 2014. Last month, the firm sent a letter to Shallotte town officials stating that Drapac “is on the verge of finalizing a contract with a national homebuilder to purchase a portion of the project.” The letter asked the town for help in upgrading the future community’s sewer lines. Before the project was abandoned, the original developers installed sewer lines that, more than 15 years later, are no longer up to code.
The Shallotte Town Administrator has agreed that the town will be responsible for the necessary improvements, with funds for the repairs coming from the town’s sewer fund. According to the letter, Drapac “intends to submit applications for permits for the project and aims to commence construction in October 2024.” The letter also states that the firm will change the name of the community to Solserra.
Ocean Isle Palms
The housing market crisis also halted the construction of a luxury neighborhood in Ocean Isle. The original developer had plans to build 750 high-end homes in a gated, amenity-rich neighborhood. This picture is an artist’s rendering created in 2006 that shows what the Ocean Isle Palms community was going to look like. Only four homes were built, and the developer also erected a clubhouse which has now fallen into disrepair.
Bank of America took over the property in 2012 after the original owners defaulted on a $78 million loan. Drapac acquired the properties in 2014 for pennies on the dollar.
Now, Drapac has contracted with Toll Brothers, a luxury homebuilding firm, to construct the first phase of the long-awaited community. Phase One consists of 89 single-family detached homesites. Toll Brothers is now building its model home and first inventory homes, which are expected to be completed in early spring 2025. At full build-out, the community will include about 1,100 residential units, as well as multifamily, commercial, and retail uses.
Final thoughts
The revival of these ghost developments signals a renewed confidence in the housing market and economic growth within Brunswick County. As construction resumes and new residents move in, these once-abandoned projects will transform into thriving communities, bringing fresh opportunities and vitality to the region. It’s a testament to strategic investment and patience paying off, turning forgotten landscapes into promising neighborhoods for future generations.