Riverwalk - alive and well
Downsizing of project creates unfounded rumors
By Frank Bradley SENTINEL WRITER

Frank Bradley/Sentinel Photo RIVERWALK: Helen & Joe Mahoney were the first occupants of Riverwalk, and have lived there a year and a half. "We couldn't be happier," Helen said. "We absolutely love it here."

While rumors have been rampant that Riverwalk is undergoing foreclosure along with other developments within the county, nothing could be further from the truth.

Riverwalk, an adult community being developed by Tighe White and Garland Hogsed, initially formulated plans for a housing development that could expand to 160 homes.

That was three years ago, when most builders anticipated a robust economy and a significant number of Florida residents and retirees from other parts of the country relocating to our region. At that time White and Hogsed purchased 15 acres from Lynn Waldroup, which was financed through the Nantahala Bank, to start the initial phase of 64 houses. They also purchased another 25 acres, more or less, which extended from the initial project all the way down to the Hiwassee River for the purpose of building another 100 homes once the initial phase was complete. It also included three acres in the flood plain at the river, which was to serve as a park. That purchase was owner financed with the partnership paying interest only on the loan.

About a year following that arrangement, federal and state authorities had engineers recalculate floodplain requirements within the county revising the floodplain map causing about 15 of the 25 acres of the second tract of land to lie in the floodplain. While homes could be built there, White and Hogsed decided that it would be too expensive and impractical to have homes built there without steps, which was one of the defining characteristics of the Riverwalk community. Hence, they chose to limit the scope of the development to its initial 64 homes, which in many ways makes the development less congested and more desirable for homeowners.

Accordingly, steps have been taken by the original owner to reclaim 25 acres of the property adjacent to the river, which is not being opposed by White and Hogsed. While they lose some interest money paid to hold the property, it makes financial sense to them to continue to build a smaller quality development rather than gambling on a much larger development in this economic climate.

Tighe White has been one of the pre-eminent home builders in Clay County for more than 20 years. He has a solid reputation for quality work with a long-list of satisfied homeowners. His homes are built to last with a minimum of upkeep. The Riverwalk Development's modest monthly home-owner's fee provides not only lawn maintenance and garbage pick-up, but also exterior painting touchups and repair, making it ideally suited for retired or retiring adults.

Of the ten homes already built in the development, five have been sold and are being occupied, while two others are under negotiation. Several owners, I talked with in the development told me they are happy home owners.

The proximity of the development to town avails occupants with a convenient public library, park, community theatre and several restaurants, all within walking distance. Certainly, the surrounding view of the mountains is another scenic asset.

While Riverwalk of Hayesville has gone through some changes recently, they are still very much open and ready to welcome folks to tour their model homes. All homes are constructed with top of the line construction materials and are designed to make adult living enjoyable. Each floor plan has spacious rooms, garages and well thought out kitchens with stainless steel appliances. Age requirements are that one resident must be 55 or older and there can be no children younger than 19 living full-time in the home. Homes are available for sale or lease.

With the current state of the economy, there are great deals to be had with the beautiful homes and properties of Riverwalk. Of the remaining houses, all of them are two bedrooms. If you want or need extra space, White has several plans for three bedrooms and can build to meet your needs.       

Back