Topsail residents blocked Pendo founder’s plans to develop. Here’s an update.
Topsail Beach residents had already stopped one of Raleigh’s most prominent multimillionaires from building on the last remaining tract of undeveloped land in town.
They finally got the last word.
With the support of “almost 800 donors,” the N.C. Coastal Land Trust closed on what locals call “The Point” — about 150 acres of pristine coastline at 1 Shore Line Drive in Pender County.
To fund the purchase, the trust raised close to $8 million, including $1.6 million from individual donations and the remainder from state and federal grant programs, including the N.C. Land and Water Fund and U.S. Fish and Wildlife.
As part of the transaction, a one-acre portion of the site — including the existing parking area and surrounding land — was sold to the Town of Topsail Beach.
“This [is a] once-in-a-generation conservation victory,” trust executive director Harrison Marks said in an April 29 email to members.
Since 2008, the McLeod family had owned the property. It’s valued at $2.96 million, according to latest county records.
In November 2023, Pendo CEO Todd Olson scrapped plans to purchase the property after failing to secure rezoning approval that would allow him to build a family compound.
Despite strong public pushback, he wanted to build a private estate for his family on 30 acres on the island’s southernmost tip, which is currently zoned conservation. In exchange, he promised to permanently conserve the remaining 120 acres with the North Carolina Coastal Land Trust, using his own private funds.
He cited the town’s “lack of collaboration” for pulling out of the deal.
What’s next
The trust secured a bridge loan to meet the closing deadline. It now plans to hold the property for up to a year, Eric Vreeland, the trust’s director of strategic advancement, told The N&O.
Once grants are received, it will transfer the property to the state be managed by the N.C. Department of Environmental Quality’s division of coastal management.
In recent months, the Trump administration has enacted freezes on various grants related to U.S. wildlife conservation.
Vreeland said the trust’s federal funding has already been approved, but admitted a “slight question mark” remains.
Even so, he remains positive.
“The Point has been purchased and protected,” he said. “People stepped up, not just from the local community, but from the Triangle as well. People who have family here or second homes. Because of that, it got done.”
This story was originally published May 1, 2025 at 1:03 PM with the headline "Topsail residents blocked Pendo founder’s plans to develop. Here’s an update.."
