CHARLOTTE –Todd Olson, the chief executive officer of Raleigh software company Pendo, says he has withdrawn plans to develop the southern end of Topsail Island.

“We are extremely disappointed to get to this point after two years, but we do not believe that a successful outcome is possible based on the current process,” said Olson in a statement to Business North Carolina.

Olson said there are three options for the property, known as The Point: a permanent conservancy by the community or town, a larger scale development by a professional development group, or a low-impact private development like the one his family proposed.

The proposal was for single-family homes on 24 acres of a 150-acre area. The plan included six single-family dwellings, access roads, a swimming pool and cabana, a maintenance building and garage, a beach shelter, a gazebo and uncovered deck, and an elevated pier with six boat lifts.

Olson said he signed a letter of intent with the NC Coastal Land Trust to establish a conservation easement on at least 80% of the land. He also took feedback from both residents and town officials and updated his plans and drawings to reduce the impact on the land to less than 4% impervious surfaces.

For more details, read the full story at Business North Carolina.