EDENTON — A historic 930-acre coastal tract along the Albemarle Sound in Chowan County changed hands after being sold at a foreclosure auction on Monday, March 16, 2026, with the lender reclaiming the property for the full outstanding principal amount of $7 million. The sale marks the latest chapter in what has been a decades-long and ambitious — if troubled — effort to transform the land into a landmark new urbanist community.

A point of reference — Sandy Point is on the Chowan County side, bordering the Sound bridge to Washington County. 

For local folks with good memories who recall Sandy Point Beach, there used to be a campground with a clubhouse where you could swim, buy a Pepsi and a bag of potato chips, and enjoy the Sound sunset. 

Photos by Laney Layton (painting and group shot above) and Jane Minton Heron (back of concession stand), Joan Bell (beach photo), with a video by Glenn Woodell.

The Property

The foreclosed property consists of several historic tracts collectively known as Sandy Point, located at 1820 Sandy Point Road, approximately eight miles from Edenton. The holdings include the “Sandy Point Farm,” a 613.99-acre tract acquired in 1892 and bounded to the south by the Albemarle Sound; “Old Sandy Point,” a 35-acre fishery parcel also bordering the Sound; and the “Snow Hill” tract, 308.14 acres, according to Chowan County GIS. The combined parcels have a recorded history in the Chowan County Registry dating back well over a century, with ownership passing through several generations of the Wood and Jackson families before being consolidated under the borrower.

The Report of Foreclosure Sale was filed with the Chowan County Clerk of Superior Court on March 17, 2026.

What Is the Fund for New Urbanism?

The winning bidder and lender in this case — The Fund for New Urbanism, LLC — is a Florida-based limited liability company with deep roots in the Sandy Point project itself, and close ties to one of America’s most prominent business dynasties.

The Fund for New Urbanism was started in 2002 with Andres Duany, Sam Young, and businessman Wayne Huizenga as partners.  According to the court documents, the entity is based care of Huizenga Holdings, Inc., at 515 N. Flagler Drive, Suite 1500, in West Palm Beach, Florida.

Huizenga Holdings is an investment conglomerate that owns real estate, marinas, and marina-related companies, primarily in Florida. It was founded by Huizenga, the billionaire behind AutoNation, Blockbuster, Waste Management, and Republic Services. The firm has been active in large-scale real estate redevelopment in recent years. The Huizenga family and Integra Investments secured approval from the West Palm Beach Planning Board for a multi-billion-dollar transformation of the 19-acre Rybovich Marina waterfront property, centered around four condominium towers and a mix of commercial and recreational space.

The Fund for New Urbanism originally hoped to finance several new urbanist projects but narrowed its focus to just one — the 930-acre development near Edenton.

An Ambitious Vision for Sandy Point

The Sandy Point project has long been viewed as one of the most ambitious new urbanist development proposals in the American South. Designated a “New Urban Waterfront” by North Carolina’s General Assembly and inspired by the neighboring colonial capital of Edenton, Sandy Point on Albemarle Sound was conceived to join the region’s tradition of great coastal towns.

The 930-acre development was to be supervised by Sam Young, who intended to demonstrate how communities can once again build right up to a waterfront without degrading the environment. Young and the Fund for New Urbanism were invited to the area by a not-for-profit economic development organization, the Foundation of Renewal for Eastern North Carolina, which sought to strengthen Chowan County’s economy.

The plans were sweeping in scope. The more urban West Side village was designed to feature 1,100 single to multi-family dwellings, a 41-acre upland harbor, and a Main Street of shopfronts leading to the harbor’s wharf, along with 143 waterfront homes each permitted with a private boat dock under a porch extending out over the harbor.  The vision also included village fields, orchards, vineyards, meat and dairy from small livestock yards, seafood from the Sound, a wellness center affiliated with the East Carolina Medical School, a sports field, an equestrian center, swimming pools, beaches, and tennis courts. 

As president of the Fund for Sandy Point LLC, a subsidiary of the Fund for New Urbanism, Young was to be in charge of a construction project expected to span 15 years. 

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The Loan and Default

The Fund for Sandy Point North Carolina, LP — a North Carolina limited partnership and subsidiary of the Fund for New Urbanism — took out a $7 million loan from the Fund for New Urbanism, LLC in April 2022, secured by a deed of trust recorded in Book 557, Page 618 of the Chowan County Registry. The note was later amended in May 2023.

The borrower subsequently fell into default by failing to make required payments. By August 5, 2024, the outstanding balance had grown to $7,429,961.84, comprising the $7 million principal plus $429,961.84 in accrued interest, with interest continuing to accumulate at a default rate of $4,794.52 per day.

Akerman LLP, representing the lender, sent a formal Notice of Default to the borrower on August 12, 2024, delivering copies via FedEx to multiple addresses, including the borrower’s registered agent in Edenton and addresses in British Columbia and Ontario, Canada — suggesting an international dimension to the partnership’s ownership structure.

The Foreclosure Proceeding

A foreclosure hearing notice was filed in Chowan County Superior Court on August 22, 2024, with a hearing scheduled before the Clerk of Superior Court for September 5, 2024. Phelps Dunbar LLP of Raleigh was appointed as Substitute Trustee, replacing the original trustee, First American Title Insurance Company.

The foreclosure proceeded under North Carolina’s non-judicial foreclosure process governed by N.C.G.S. § 45-21.16, which required the Clerk to find, among other things, the existence of a valid debt, a default, and the right to foreclose under the instrument before authorizing the sale.

The Sale

The auction took place at 2 p.m. March 16, 2026, at the Chowan County Courthouse at 101 S. Broad St., Edenton. The Fund for New Urbanism, LLC submitted the winning bid of $7 million — a so-called “credit bid” in which the lender reclaims the property by offsetting the debt already owed rather than exchanging cash. The sale was reported by Substitute Trustee Sarah Covey Blount the following day.

Under North Carolina law, the sale remains subject to an upset bid period, during which third parties may submit higher competing bids to the court, potentially reopening the auction process.

What the Fund for New Urbanism intends to do with the property now that it has reclaimed direct ownership — and whether the long-dreamed vision of a new urbanist waterfront town on the Albemarle Sound still has a future — remains to be seen.