Centex Quits in Warrenton

I was concerned with the fate of the 4,000 grapevines when I first read that Pearmund was planting them.

From the Fauquier Times-Democrat:

"In yet another sign of abysmal times for the residential housing market, Centex Homes has abandoned plans for a high-end, seniors-only community along Warrenton’s southwestern edge.

Two weeks ago, the Dallas, Texas-based company terminated its contract to buy 370 acres from Arabelle Arrington on U.S. 29, adjacent to The Home Depot store.

"The economics of the project simply didn’t work in the current market conditions," Centex Division Manager Joe Ricketts said in an e-mail. "The land costs and expense structure for this project are not viable considering today’s housing market."

For largely the same reasons, Centex last summer walked away from its 349-home Freedom Place project at U.S. 17 and Route 28 near Bealeton before turning a spade of soil.
. . .
Last spring, Pearmund planted 4,000 grapevines along the ridgeline that overlooks U.S. 29. His plan ultimately called for 40,000 vines.
. . .
So what will become of the vines at Arrington’s farm? "That’s up to Mrs. Arrington," Pearmund said. "If she wants me to take out the vineyard, I will take it out." Her lawyer will resolve the matter, Arrington said.

Meanwhile, if she allows, Pearmund wants to continue to maintain the vines for two or three years, with the hope that the housing market will rebound and a developer with deep pockets will pick up where Centex left off.