Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / Oct. 11, 1990, edition 1 / Page 2
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Pacje A? Winston-Salem Chronicle Thursday, October 11. 1990 Lake Park developer's project in limbo By 7RACY L PROSSER Chronicle Staff Writer After jumping the first few hur dles in the effort to develop Lake Park subdiv'sion in East Winston, Jose Isasi is finding the race to be harder and more trying than he ever expected. Ho began in 1987 to kxik at a parcel of land in East Winston on which to build a middle to upper income housing development. Now well on its way to completion. Lake Park subdivision is not atuacting as many homebuilders and homobuy- ers as Isasi hoped it would. Several years ago Isasi and Mary Sheppard formed Sheppard Inc. to work on a middle to high income residential development to be located on a tract of land adja cent to Winston Lake Park. Isasi updated the East Winston Development Task Force on the sta tus of his project in the task force meeting Tuesday, Oct. 9. At the moment, all contracts for land development have been awtirdcd, he .said. The major problem now is attracting homebuilders and home- buyers. According to Isasi, the homebuilders arc waiting to sec if there is an interest on the part of homebuyers to live in the residen tial development. Isasi said ho has had three meetings with builders, and has not gotten sufficient response. He said he is trying now to go through banks to contact homebuilders. In his efforts to attract partici pation in the project from African- American investors, Isasi was dis appointed. He met with four groups of African-American investors in an effort to get them to invest a total of about $150,000 in the project, but only two groups made a commit ment to invest a total of $20,000. Of the 16 prospective home- buyers Isasi identified as qualified buyers, only four have submitted offers for houses, and one of those offers was withdrawn, Isasi said. “From the families going in build- Jose Isasi is determined to develop Lake Park but is hav ing trouble attracting home- buyers. ing there, I feel very shaky. They’re worried about their money,” he said. Homebuyers are hesitant to get involved in the project because they arc concerned about what will hap pen to their investment, according to Isasi. He said they know if they buy a home in the western section of town, the value will appreciate, but if they buy in the eastern part, the appreciation is not there. Isasi said homebuyers have told him the financial incentives are just not great enough to convince them to buy a home in Lake Park. One of the things that concerns homebuyers is the increased price for lots. In his original proposal to the city of Winston-Salem in Febru ary 1990, the average lot price was 521,200. Because the project received a considerably smaller loan from the city than had been requested in April, the average lot price jumped to 524,200. Part of the loan included a 5:3:1 buydown program where the homebuyers would not have to begin paying back the loan for 10 years, and then only at six percent interest. Since then, the average price of a lot has jumped to 529,(X)0. Isasi said he was concerned that after the initial group of families moved into the development, there w'ould be no incentive for other families to fol low suit. Isasi, explaining the increase in lot prices, said that to prevent the development from stag nating, he added an average of 52,300 to the price of each lot to provide incentives later for more families to relocate in the develop ment. He said becau.se there was a great deal of rock in the land, 51,900 was added to the price of each lot to cover land development costs, and in the original figures, 5600 per lot was inadvertently omitted. In comparison to similar resi dential developments in the Win ston-Salem area, none of which are in East Winston, the average lot price for a piece of land in Lake Park is lower, but the lots tire gener ally bigger. The average lot price for the nine developments Isasi used for comparison is $30,900. “We’re on a shoestring bud get,” Isasi said. In a study completed earlier this year by Hammer, Siler & George Associates, the establish ment of middle income housing in East Winston was identified as the first step in order to increase the economic development of the area. The study estimated such a residen tial development could be built for 52.4 million, considerably more than Isasi is spending. Isasi asked the task force for any suggestions about w'hat to do to get people to buy Lake Park homes. “I’m going to sit tight until this group decides what to do,” he said. This w'eek he will also meet for the third time with the qualified families to ask for their input. ■ Stevens Center ■ Something for Everyone For ticket information Call 721-1946 Clean Topsoil and Fill Available at New Walkef Market Site. (Located on New Walkerto*- behind the new ABC stoii Call 777-3474 ' Wake Forest trustees give over $18 million in campaign pledges Trustees of Wake Forest Uni versity have contributed tnore than $18 million toward the university’s Heritage and Promise capital cam paign, which officially kicks off next April. Board chairman Weston P. Hat field of Winston-Salem announced the total at the trustees’ regular October meeting Thursday and Fri day at Graylyn Conference Center. Hatfield’s announcement came at the first meeting of the 3()-mem- ber capital campaign executive committee. Tri-chairs Wayne Cal loway, PepsiCo CEO, John Medlin, president, chairman and chief oper ating officer of First Wachovia, and Arnold Palmer, professional golfer, presided. Hatfield specially praised Win- • ston-Salem trustee Tom Davis for the latest pledge to the board’s fundraising effort, an endowed chair in the School of Business and Accountancy. The income from the endow ment will pay the full salary of a distinguished scholar, who will hold the first endowed chair in the school. Three years ago, Davis, his family and friends endowed a scholarship in the School of Busi ness and Accounuincy. He is a life time trustee, and long-serving mem ber of Bowman Gray/ Baptist Medi cal Center’s board of visitors. Son of the late trustee Egbert L. Davis Sr., Davis said his long support of the university has been motivated by the devotion to Wake Forest of his father and brother, both alumni. “In making this commitment,” Davis said, “it is in full recognition Miss America returns to Duke Law School The Associated Press REIDSVILLE, N.C. (AP) _ The last time Marjorie Vincent was in North Carolina, she was living in an apartment in Durham, getting through her second year at Duke University Law School. On Thurs- dity, she came back as Miss Ameri ca. "I haven’t been back to the campus yet. That’ll be in Novem ber, and I’m sure it’ll be different,” Miss Vincent, 25, said Thursday after touring a Burlington Industries complex in Reidsvillo -- pan of a tw'o-day crash course in textiles. When she was crowned Miss America Sept. 9, she automatically became a spokeswoman for the Crafted with Pride in the USA Council, a pageant sponsor. Earlier Thursday, she toured a Burlington plant in the city of Rockingham. It was the first time she had .set fextt in a textile mill. "The advances in technology there arc just incredible,” said Miss Vincent, who is from Oak Park, III., and went to the Atlantic City pageant as Miss Illinois. “’The peo ple - they’re just fantastic. They’re All the problems he has encountered have been reasonable ones, typical problems a residential developer encounters, Isasi said. He _ said he expected the project to be ' difficult, but he didn’t expect this many problems. “The subdivision wall be fin ished even if I lose every penny I have in it,” Isasi said. “The prob lem is w'ill homes be built.” “1 will be such a happy human being if this becomes a reality. I will consider it the accomplishment of my life,” he said, “I need to give something back to the community. I’ve lived here for 15 years. It’s what keeps me going.” of and in gratitude to my father and the many others who have made it possible.” “It is my fervent hope and expectation that the recipients of this chair will faithfully fulfill their responsibilities to impart to their students the highest moral and ethi cal standards and integrity embod ied in the heritage and promise of Wake Forest,” he said. Hatfield said Davis’ gifts sym bolize the object of the campaign, the support of faculty salaries and student financial aid. Ernestine Mitchell ordained as evangelist After mccliiig the specific qualifications and requirements. Sister Erncsiinc Mitchell was ordained an evangelist in Shiloh Apostolic Temple in Philadel phia, Pa, After laying on of hands by the Board of Bishops, she was ordained by Bishop Michael Daub and given her charge to preach the Word, be inslanl in season and out of season, accord ing 10 II Timothy 4:1-2. Evangelist Mitchell is affili ated with Shiloh Apostolic Tem ple in Oldtown, NC. She is presently studying Bible at a local assembly in the city. She has recently preached and trav eled in Jamaica, West Indies, St, Anne, Alexander, Aruba, Down- lodge District, Kay Valley in Jamaica, Philadelphia, Pa., and Brooklyn. N.Y. She considers her work in Jamaica as fruitful saying, “As we left Jamaica, ten sotils were dedicated to Jesus and baptized. People were healed and delivered from being bound.” She will travel to Nigeria, West Africa to preach and teach the gospel soon. Evangelist Mitchell resides at 1220 E. 24th St. with her hus band and the two youngest of four children. She has two grand children. H.M. KERN CORPORATION solicits MBE/DBE Subcontract for the Southwestern-Randolp High School - Ath. Fac. Quotes are needed for Paving, Grading, Landscaping, Fencing a must be reeeived prior to October 17th, 1990. Contact: Michael P. Jannaronj P.O. Box 19424, Greensboro, ^ 27419 919-668-3213. The amount given by the trustees surpasses the entire goal of Wake Forest’s last Reynolda cam pus campaign, which ran from 1980-84. The Heritage and Promise campaign has an initial goal of $150 million, and officially kicks off next April 4. 000.00 REBATE m Limited Time Offer Vinyl Siding Sale! $50 Cre( All colors and widths...Top Brands...No Gimmicks or Giveawaysl ...yx roofii ^ x't* I We cover it All! Window and door facings. Soffit (overhanging eaves) fascia. for your olj windows when purchas vinyl replacer windows TILTS INFj EASY CLEiVj windows shutters and downspouts ' Awnings • Patio Covers • Sun Rooms • Storm windows & doors No Down Payment • Financing Available Quality says it all. 1-800-488-1001 TILT IN FEA1 The tilt in feature onf: models makes wintic.i easier, quicker and i; INSIDE your home. Moi gerous ladders, hai; corners, strained musdf on ledges to clean thet your windows. Old Salem Community Day Saturday, October 13 10 a.m. - 6 p.m. down-to-earth people who really care about their jobs.” In Rockingham County, where one in four jobs is textile- related, she was received by eager plant officials and more than a few workers sticking their heads out of their offices to catch a glimpse of her. "This is the kind of day wc don’t have in Reidsville very often,” drapery division manager Charlie Sheets said before present ing her with a bouquet of flowers and a bed set made at the plant. Free Admission to Old Salem Exhibit Buildings Jld )alem Free Admission to MESDA Museum of Early Southern Decorative Arts Free Planters Peanuts and Ices (while they last) Hear the music of Phillips Chapel Baptist Church Young Adult Choir, George Hamilton IV, Moravian Band and more! Fun for the whole family! See the Mr. Peanut Flot Air Balloon, Antique Car Exhibit, Raptors-Birds of Prey Exhibit and more! Taste the hot dogs, ice cream and other on site foods, dine in the restaurants, or bring a picnic! Travel back in time with demonstrations of 18th-and 19th-century living. Park in downtown Winston-Salem lots and walk to Old Salem or ride the Winslon-Salcm Transit Authority Trolley (25c - exact change please) and ride to the Old Salem Visilor Center. For more information, call 721-7300
Winston-Salem Chronicle (Winston-Salem, N.C.)
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