PORT Stephens MP Craig Baumann has slammed developers of a Medowie residential estate and accused them of "incompetence or extreme naivety" after the project fell through.
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Medowie Meadows was promised to be a 350-lot residential development off Boundary Road with prices starting from $169,000 for a 1000 square metre block.
The company behind the development, Eureka Funds Management, revealed plans for the estate more than six years ago, but the land remains untouched, with no development application ever being lodged with Port Stephens Council.
More than 40 lots on the site were sold with buyers making a $1000 deposit for land on the proviso that everything would be wrapped up by Christmas this year.
Mr Baumann wants justice for buyers and is taking the Meadows development to the State Minister of Fair Trading, Matthew Mason-Cox.
"All of these people who put $1000 down to secure a lot have missed opportunities to buy in the meantime," he said.
"It's either incompetence or extreme naivety, I'm not sure, but the developers should be issuing an apology to the people they took money from.
"I encourage anyone who put money down to seek a refund and I will be bringing it up with the minister."
The 127-hectare site was rezoned in July 2013 to make way for the 350-lot residential development.
The company recently emailed buyers stating "due to the ongoing uncertainty of delivering the project, we now advise that the launch of the development will not proceed".
Rumours have the company attempting to sell the site, but these claims have so far been unsubstantiated. The Examiner made several attempts to contact the company with no response at the time of going to print.
The company's website and phone number are both defunct.