An Elizabeth City native who made good in the business world may be coming
home.
The retired chairman and CEO of Caterpillar Inc. has bought a 244-acre piece
of land once slated to be developed into a mixed-use residential community
in Currituck County.
James W. Owens and his wife, who live in Peoria Heights, Ill., spent $3.15
million to buy the property north of Powells Point off of U.S. 158,
according to county property records.
The former farm that was owned by the Webber family had been purchased in
2008 by an affiliate of German company Berlin Atlantic Capital US LLC. It
had planned to turn it into a residential community.
Owens retired as Peoria, Ill.-based Caterpillar's top executive last year.
Chad Leslie, the real estate broker from CB Richard Ellis in Norfolk who
handled the transaction, said Owens has no immediate plans to develop the
property.
