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Cuddeback Investments, Inc., for example, owns about 100 acres in wet Eugene. Nearly half of it has been designated as wetlands, company director Randy Cuddeback said. "It's worthless as it sits," he said. "It would have been worth $1 per square foot -- about $40,000 to $50,000 an acre. Now, depending on who you talk to, it might go for $300 to $3000 an acre.
Steve Wheeler, who owns a small Eugene construction company, bought 10 acres off Green Hill Road for about $70,000 in the 1970s. He said he bought it as an investment to help pay for his children's college education. He learned later than about half of the property contained wetlands. "I was going to develop it as a nice 10-acre subdivision," Wheeler said. "With the wetlands, that can't and won't ever happen now."
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