What's up in Williamsburg?

[kcrossley]

Here's a press release on the sale:

Greenfield Partners acquires balance of Stonehouse property in Williamsburg, VA

October 31, 2006
FOR IMMEDIATE RELEASE

Dallas-based JTL Capital, LLC announced today that it has sold the balance of Stonehouse, a 4,600 acre master-planned community in Williamsburg, Virginia, to Greenfield Partners of South Norwalk, Connecticut.

JTL Capital purchased this large, mostly undeveloped, property in December of 2002 in partnership with Kenneth G. McDermott of New Jersey. The partnership spent nearly four years surveying, planning and engineering the property for development. In late 2005 the partnership broke ground on their first section of lots, called Stonehouse Glen. Not long thereafter, JTL Capital struck a deal to sell the balance of the property, approximately 4,400 acres, to Greenfield.

Greenfield Partners, LLC ("Greenfield") was founded by Eugene A. Gorab in March 1997, and is a private company dedicated to excellence in real estate investing. Greenfield is organized as a Connecticut limited liability company, and is based in South Norwalk, Connecticut.

Greenfield presently has 34 employees specializing in acquisitions, development, asset management, finance, law, investor relations, and architecture, with offices in South Norwalk, CT and Chicago, IL.

Founded in 1999, JTL Capital, L.L.C. is a closely held, private real estate investment and development concern based in Dallas, Texas. JTL invests directly in buildings, land, leaseholds, mortgages and other real estate interests and employs a value-enhancement strategy to generate attractive risk-adjusted returns for the company and its investors.

http://jtlcapital.com/page.php?s=dev_stonehouse

[taylor255]

I keep trying to find out more about the neighborhood, do you have any more articles? I especially would like to know what kind of amenities there are going to be. It all seems up in the air at this point.

[Mr Williamsburg]

I have tried to locate an article describing the development but cannot find it. These are my notes taken at a meeting where the development was discussed with current homeowners.A presentation describing the proposed construction and zoning changes. Basically, they have taken 80 parcels that they refer to as "Land Bays" and divided them into 12 tracts and 4 neighborhoods. Neighborhood 1 will have traditional style single family custom homes similar to those found in the original neighborhood. Neighborhood 2 will have higher density homes (townhomes and something called "narrow single family" which I think must be similar to "zero lot line"). Neighborhood 3 will have lower density "estate" homes. Neighborhood 4 extends to the river. There are some cliff areas that will be river view condos. There will also be single family homes, open space and recreational space and a marina.


They are planning a community similar their large community in Cary, North Carolina called Amberly (Amberly). The Stonehouse project has a 15-20 year estimated completion timeframe.

The zoning changes will NOT increase the total number of residential units. Some of the property previously zoned as commercial will become residential. A large parcel (170 acres) is being proposed as an education site for a new elementary school and middle school. Total residential units will be approximately 4400, and that will become the largest community in our area (larger than FC and Kingsmill ... about 3000 ea). It will be gated.

This developer is NOT a builder. They will put the infrastructure together and then sell off the lots in phases to builders. The two Stonehouse Glen sections (where Ryan homes is located) is not associated with this developer.

From their website: GS Virginia was created in November, 2006 with the purchase of Stonehouse, a fully approved master-planned community consisting of approximately 4,500 acres, 4,400 residential units and 3 million square feet of commercial/retail/industrial space. Stonehouse is located on I-64 just west of Williamsburg, Virginia on the York River. It will consist of a variety of amenities including an 18-hole golf course, single family homes and townhomes. Its location makes Stonehouse extremely appealing, as Williamsburg was named one of the five “Top Places to Retire” by Money Magazine in 2006. GS Virginia is a separate subsidiary of GS Companies.

At this time I don't believe it has been approved.

[sixmacs08]

Can you tell me what is being built around the Stonehouse Elementary area. We purchased a home in Fennwick Hills almost one year ago and we had no idea all the land around us was going to be developed. No one seems to have any idea exactly what is going in? Can you tell me? Thanks!

[Mr Williamsburg]

I think you are referring to Whitehall at Andersons Corner. It has been in the planning stages for quite a while.Near the intersections of Rt 30 and Rt 60 in the Anderson's Corner area not far from Stonehouse. The developer will retain the Historic White Hall home( pictured at the left ) built in the early 1800's for William Geddy.

Proposed components of the new community include approx 170 Condo/ Townhomes and approximately 240 single family detached homes . Pricing is still to be determined. There is also a commercial component located nearby that will also be developed.

[Mr Williamsburg]

[ATTACH][/ATTACH]

Here is a copy of a recent site plan for Whitehall at Andersons Corner along with a photo of the Whitehall Home built in the 1800's.

[sixmacs08]

Thanks ! That was very helpful. My neighborhood is off of Old Stage Road and it looks like there will be access from that road into whatever is going in there so we're all wondering what it is. Looks like what you sent me was a rather nice development. we are all wishing it will be Please post any other info you come across. They are also widening the road in front of Stonehouse Elemenatery...maybe a stop light is going in? Thanks again for all the info!