Crescent Resources, Duke Energy's land management and development arm, owns about 200,000 acres in the Carolinas, including 90 percent of Lake James' shoreline and 10 percent of Lake Norman's. Concern over how development could damage clean water in the upper basin prompted an unprecedented reaction. Some 20 local governments, supported by citizens' groups, passed resolutions asking the state to require waterfront buffer zones. State officials are now drafting proposed rules. Duke defends its stewardship of the Catawba, which includes thousands of acres sold or donated for public use, extensive environmental work and development standards that exceed what's legally required.
Shareholders are entitled to profit from the land, the company says.
Crescent says it is in talks with state officials about expanding Lake James State Park and will consider other conservation sales at market value. A handful of subdivisions dot its 137 miles of shoreline. Crescent is developing, or recently completed, four communities that will add 520 houses between 1993 and 2003, about 50 houses a year. But it's widely believed that this is just the beginning. Duke Power says 56 percent of the shore is suited to future commercial or residential development, beyond the 12 percent now developed.