Ownership of 520-acre Planned Coastal Community in Flux

LINCOLN CITY, OR-West Coast Bancorp is looking to sell its portion of 520-acres here slated for an 1,800-unit residential development called the Villages at Cascade Head. Earlier this month, the bank was the high bidder for the property, on which it had begun the foreclosure process at the Lincoln County Courthouse.

Officials at the lake Oswego-based bank holding company could not immediately be reached for comment Friday morning, but attorney Laura Walker, who represented the bank at the property auction on Oct. 19, told local newspapers the bank is “very interested in finding a buyer.” The News Guard also is reporting that Marge Boyd of Lincoln Highlands Limited Partnership, the original developer of the Villages property, is in contact with the bank and is negotiating to purchase the Bank’s land. A city planner tells GlobeSt.com that an architect for LHLP is meeting with the city this afternoon to talk about the property.