Lone Pine Village soon will be seeing a change of ownership.
Robert Gilham, CEO of IconWest Developments, which currently owns the 60-acre development, told The Chronicle he has worked out an arrangement to return the development to its financer.
Gilham said family in the United Kingdom and a large apartment development in Portland are drawing his time away from the local development.
He hopes finding a new owner will allow development at the planned riverfront community to progress more rapidly in the future.
“The project will get refinanced with someone hopefully with more resources to accelerate the master plan,” Gilham said. “South Shore Avenue is the next phase.”
He added he expects the sales office at Lone Pine Village will remain open and landscaping and maintenance contracts will stay in effect.
“This isn’t a default or a bankruptcy,” Gilham said by phone last week. “It’s just a workout deal that works as much to their benefit as it does to mine.”
He said as his children are growing he plans to spend more time in the United Kingdom.
“I’ve put many, many millions of dollars into the project personally,” he said. “It’s important for the local community.”
Gilham started construction at Lone Pine Village in 2008. The 60-acre waterfront development is planned to include a mixture of businesses, single-family homes, condominiums and townhouses.
Mid-Columbia Medical Center built its Water’s Edge Health and Wellness Center in the development in 2009. Fresenius Medical Care North America built The Dalles’ first kidney dialysis clinic there, which opened earlier this year.
A small number of single-family homes have been built. The development plans for between 250 and 300 homes.