A pair of local investors are seeking to bring new life to the Cedar Ridge housing development.

Cedar Ridge Properties, a corporation formed by Sequim businessman Brown M. Maloney and Port Angeles homebuilder Rick Anderson, purchased the remaining undeveloped properties of the 64-acre subdivision off of Keeler Road.

Maloney, owner of the KONP radio station, owner of commercial properties in downtown Sequim and former owner of the Sequim Gazette and Forks Forum newspapers, said he and Anderson have purchased 159 lots in the subdivision for $2.7 million, with a three-phased plan moving ahead in the next year to develop those lots.

The property was developed in 2006 by Allen Grant and Larry Freedman, but was foreclosed upon by Frontier Bank — now owned by Union Bank — in 2010. The developers defaulted on their loan as a region-wide real estate market depression left all but about 20 lots undeveloped.

“I was familiar with (the subdivision),” Maloney said. “I though Allen did an excellent job. Unfortunately, the timing was poor. The economy hit everybody.”

Maloney said he and Anderson have met with existing homeowners to let them know the property has been sold.

“They seemed to be pleased it was sold local,” Maloney said.

The sale was finalized on Dec. 19, Maloney said.

He said the lots are appealing because while they are in city limits, the subdivision retains a rural feel.

“I think the next major residential community (in Sequim) will be Cedar Ridge,” Maloney said.

He noted that the area may be seeing an upswing in real estate properties. “We might be ahead of the curve.”

Maloney will act as the managing partner and largest shareholder, with Anderson as a second shareholder.

The initial builder will be Anderson Homes, Maloney said.

He said he and Anderson are developing a business plan for what they plan to do with the properties.

Reach Michael Dashiell at editor@sequimgazette.com.