Topsail planners snub Pendo founder’s vacation compound, but the deal’s not dead yet
One of Raleigh’s most prominent multimillionaires is facing a major setback over plans to build a “family compound” on conserved land on Topsail Island.
Todd Olson, CEO of software tech giant Pendo, failed to get crucial backing from town officials this week when Topsail’s planning board unanimously voted against conditionally rezoning nearly 30 acres on the island’s southernmost tip.
Olson is under contract to purchase what locals call “The Point” — about 150 acres of pristine coastline at 1 Shore Line Drive in Pender County. Despite public backlash, he’s seeking to build a private estate for his family on a portion of the land. However, the deal hinges on rezoning approval.
On Wednesday, dozens of residents in this quiet, mostly blue-collar beach town packed into the Topsail Beach Historic Assembly Building, lining up once again to speak out against the project. When the board handed down its recommendation, those gathered wearing “Conserve the Point” T-shirts applauded.
“We’re thrilled that the [board] has come to the same conclusion as those of us,” resident Roy Costa told The N&O, shortly after the livestreamed meeting adjourned.
Costa lives one mile north from The Point, and regularly walks the 2.5-mile loop past the inlet and around the sound. For months, he’s helped circulate a public petition that’s garnered over 3,500 signatures to conserve The Point entirely. Topsail Beach, located south of Surf City, has 466 full-time residents.
“This development will threaten the safety, security, finances and tranquility of our community,” he said.
Known mostly as a wildlife refuge, The Point is the last remaining tract of undeveloped land in town, and is currently zoned conservation.
Olson’s plans include developing roughly 30 acres with six single-family dwellings, access roads, swimming pool and cabana, maintenance building and garage, beach shelter, gazebo and uncovered deck, and an elevated pier with six boat lifts.
He promises that the roughly 120 acres remaining would be conserved.
Olson, who is married with six children and already owns a home nearby on the island, did not attend the meeting. Instead, his wife, Laura, offered a last-minute appeal before the board to consider their request.
Ultimately, it failed to win them over. “We don’t know the long-term impact of water tanks, burying things, digging up the dunes, and disturbing nests,” board member Carrie Hewitt said, according to a report in The Port City Daily. “I just don’t feel comfortable with that lack of information.”
Residents say, however, the fight to save The Point isn’t over yet.
The board is expected to make its recommendation to Topsail’s board of commissioners at its June 14 meeting. The commissioners will have the final say.
“[The board] does not have to go with the planning board’s recommendation,” Christina Burke, Topsail’s assistant town manager, told The N&O in an email.
In 2013, Olson co-founded Pendo out of a popular coworking space downtown. It’s now valued at over $2 billion, with its signage atop Raleigh’s skyline, alongside Red Hat and Wells Fargo, on the new Raleigh Crossing tower. He recently hinted to Axios that an initial public offering, or IPO, could launch “sometime next year.”
This story was originally published May 30, 2023 at 6:00 AM.
