No deal: Pendo founder scraps plans for private family Topsail compound amid backlash
One of Raleigh’s most prominent multimillionaires has scrapped plans for a family compound on conserved land on Topsail Island.
Two-plus years after signing a contract to purchase what locals call “The Point” — about 150 acres of pristine coastline at 1 Shore Line Drive in Pender County — Pendo CEO Todd Olson is backing out of the deal, citing the town’s “lack of collaboration.”
The sale hinged on rezoning approval.
“Solving problems requires collaboration, which the town appears to have been unwilling to do,” Olson said in a 746-word statement released on Monday. “Sadly, we have no choice but to withdraw our application.”
Despite public pushback, Olson was seeking to build a private estate for his family on 30 acres on the island’s southernmost tip that is currently zoned conservation.
In exchange, he promised to permanently conserve the remaining 120 acres with the North Carolina Coastal Land Trust, using his own private funds.
But he failed to get crucial backing from the town’s planning board in May.
After commissioners refused follow-up requests to meet in person to discuss alternatives, Olson said he was forced to suspend plans, expressing frustration with the process.
“We’re extremely disappointed,” he said, adding: “It seems increasingly likely that a developer with deeper pockets and more experience will successfully develop this land, and in doing so, permanently alter the state of The Point.”
Many residents in this quiet, mostly blue-collar beach town welcomed Olson’s decision.
Roy Costa, who lives one mile north of The Point, said he and a group of residents are preparing to launch a public-private partnership to purchase the entire property for permanent conservation.
The land is currently owned by the McLeod family. It’s valued at $2.96 million, according to latest county records.
“It’s an exciting opportunity to conserve one of the last undeveloped tracts of land [on Topsail Island,” Costa said.
This story was originally published November 30, 2023 at 2:39 PM.
