JOHNSTON COUNTY - Commissioners here have approved a mammoth retail, office and housing project at the intersection of Interstate 40 and N.C. 42. But the question remains: Will developer Crosland LLC's plans become reality?

The proposed center, tentatively named River Oaks, would boast 650,000 square feet of retail, 450,000 square feet of office space and hundreds of apartments, condominiums and hotel rooms.

For Johnston County, it could be a game changer.

But in years past, other big dreams have bloomed and faded on the same tract of land, which spans 283 acres and sits across N.C. 42 from the new Wal-Mart.

"Thousands have looked at it," said Sonny Johnson, vice president of the company that owns almost all of the tract.

John Kane, who developed North Hills in Raleigh, once had the land under contract, Johnson said. "Lord have mercy, for 27 years it's been on the market," he said.

In 2006, an Indianapolis developer drew up plans for a similarly-sized shopping center but never broke ground. And plans for a 220,000-square-foot center fell flat in 2001.

But Crosland's plans for the property were the first to actually go before County Commissioners, and the company has invested hundreds of thousands of dollars in surveys, traffic studies and other due diligence, Johnson said.

"I don't think they're just spending money because they have it hanging from a tree," said Johnson, who has had a stake in the I-40/N.C. 42 property for almost three decades.

Crosland's interest in the Cleveland community isn't new either. Five years ago, the company tried to develop a 109-acre residential and commercial project at the nearby intersection of Cleveland Road and N.C. 42. County Commissioners said no to the plans, citing road-access concerns.

But with the commissioners' green light for the new project, Crosland needs only to have its site plans approved by the county's Planning Board before it can start construction.

A company representative said building could start in two or three years, while a press release said the development would be paced by the shape of the market.

"We have already invested a great deal of energy and resources into the River Oaks project and believe that, over time, the market will support the approved plans," Austin Williams, vice president of Crosland's retail division, said in an e-mail.

"The majority of retail tenants are not committing to new locations right now, which is why it is difficult to predict when a project can start," he said.

For its part, Crosland hasn't seemed reluctant to make moves during the recession. Last month, the company paid $11 million for 42 acres at a busy intersection in Cary, the Triangle Business Journal reported.

The purchase took place a year after project approval. The money came from a $225 million equity pool that Crosland created to fund land purchases for multi-use projects in the Southeast.

Williams said the company would consider funding options for the Johnston County project "at the appropriate time."

The Charlotte-based company has yet to purchase the Johnston County tract from Son-Lan Development Co. and its other owners, but in a news release, Crosland declared its intent to do so.

"We are bullish about the economic future of Johnston County and have been looking into development opportunities that align with the county's long-range plans for growth," said Williams in the release.

Crosland started construction on a similar project in Asheville three years ago and has planned multi-use projects for Charlotte and Cary; its real-estate portfolio totals $1.75 billion, according to its Web site.

Shannon Tuch, assistant director of planning and development for Asheville, said the city had so far had a good experience with Crosland. "They were very professional; they listened," she said. "Within their framework, they tried to work with us."

Biltmore Park Town Square, the Asheville development, is a commercial center surrounded by apartments and condos. Crosland has brought in several major anchor stores, including Barnes & Noble and REI, Tuch said.

"It's getting done very quickly now," Tuch said. "As these things come online, they're definitely receiving business."

With its Johnston County project, Crosland hopes to draw in national retailers and other businesses, promising them a ripe, underserved retail market. According to the company's research, Johnston has less than half the retail space per capita than the Triangle on average.

And the area the developer chose has been one of the fastest-growing spots in the county, particularly in the last decade. The Cleveland community has seen an influx of new residents, including Raleigh commuters searching for good real estate deals.

Johnson, of Son-Lan, said he had developed and sold thousands of homes over the past couple of decades. "You've got to have the rooftops; you're dag-gone right," he said. "It was forever before we got commercial here."

Yet despite its rapid expansion, the area dubbed "40 / 42" is still unincorporated, with no town government.

Now, at least a handful of people have rekindled talks of incorporation in the face of hundreds of millions of dollars of development.

"I'm the guy that says I'd much rather control our own fate ... rather than being a cash cow to be milked by another jurisdiction," said Carl Johnson, who started a Web site about incorporation days after the Crosland project was approved.

To him and some other locals, the potential development is a sign of the sea change happening in the area.

"We settled here because it was affordable, a great place to raise a family, and close to the big city," Johnson said. "Well, now the big city's coming to us."