Neither our (GameBanshee, and iirc, the tipster also contacted Joystiq) source nor Kotaku mentioned any detail about North Carolina (well, Kotaku was told that the project was for Microsoft and that it was meant to be for their next-gen console, but that was it). Stuff like setting, genre (besides the fact that it was to be an RPG, obvs), etc. are things only the people at Obsidian or close to them know, unless there have been other tips/leaks (as far as I know, though, there haven't been).