Central Oregon's Remington Ranch, an ambitious, 2,000-acre golf community that was to include three courses, 800 homes and 400 overnight units, has filed for Chapter 11 bankruptcy protection, the Bend Bulletin is reporting.
The club halted construction on its first course, a Tom Doak design known as Wicked Pony, back in 2007. Only nine holes were complete. Its bank withdrew its commitment back then and the developers have been unable to line up new financing.
Project manager Chris Pippin sounds like he's doing his best not to get discouraged. “We still continue to have a lot of faith in the local real estate
market and national real estate market,” he told the paper. “I think the
problem is more with the credit and capital markets than in the real
estate market.”
-- P.F.
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