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Slightly Revised Preston Lake Proposal |
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![]() Slightly revised documents related to this evening's meeting for the proposed rezoning / expansion of Preston Lake.
Some notable items, some of which are changes, some are not.... There will be a divider between the apartments and the remainder of the community.
The quantity of each type of dwelling could change from this proposed plan.
The order and timing of the development each type of housing is unknown.
There has been some discussion of how Preston Lake would get to the point of having a community center and pool.
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Preston Lake developer seeks approval for expansion, higher density |
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![]() Preston Lake, a large mixed use development east of Harrisonburg began selling homes in 2008, was foreclosed on by Wells Fargo in 2011, and was then acquired by a developer out of Maryland in 2012. Tomorrow night, the developer will present a proposal to the Planning Commission and Board of Supervisors to make several changes to the community, including most notably:
[1] Proposed Addition of 336 Apartments As shown below, the corner of the property that is bisected by the new Southeast Connector Road is proposed to change from being single family homes and townhouses, to being two large apartment buildings. ![]() [2] Proposed Addition of 76 Quads As shown below, the intended soccer field and walking trails are proposed to be replaced by 76 quads --- single level villas. The location of the park would then be adjusted as well. This expansion/revision utilizes a portion of the adjacent property already owned by the developer. ![]() [3] Proposed Reconfiguration of Townhouses As shown below, the townhouses intended to be built along Massanetta Springs Road are proposed to be rearranged a bit, and expanded from 55 townhouses to 66. ![]() [4] Townhouses and More Townhouses As shown below, additional townhouses are being proposed adjacent to the already expansive townhouse section that surrounds the large Village Green. This expansion/revision utilizes a portion of the adjacent property already owned by the developer. ![]() [5] Expanded Single Family Home Section As shown below, an adjacent property owned by the new developer is proposed to be added into the overall Preston Lake development. ![]() Here are some pertinent documents that I obtained from the County that will be presented and discussed at the public hearing....
If these changes to the Preston Lake master plan impact you, definitely plan to attend the Public Hearing tomorrow (Dec 18, 2013) at 6:30 PM to let your voice be heard. | |
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New Construction in Heritage Estates, 55+ Community in Harrisonburg |
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![]() Construction is underway on a new model home at Heritage Estates, a 55+ community on Garbers Church Road adjacent to Heritage Oaks Golf Course. If you, or your parent(s) are considering a move and would be looking for a low maintenance home in a community with a swimming pool and friendly neighbors, let's meet over at the new model home at Heritage Estates so I can tell you a bit more about the community. Drop me a line at scott@HarrisonburgHousingToday.com or call me at 540-578-0102. | |
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New JMU student housing on West Grace Street |
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![]() Photo Source: Moseley Architects I'm not sure if we call this on campus or off campus housing, but JMU is building a new residence hall on West Grace Street that will feature approximately 507 beds, various student life spaces, classrooms, seminar spaces, administrative offices, and other support spaces. Read more via The Breeze here. | |
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Preston Lake no longer underwater |
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![]() Preston Lake, a large (500-ish unit) mixed use development east of Harrisonburg began selling homes in 2008, was foreclosed on by Wells Fargo in 2011, and was then acquired by a developer out of Maryland in 2012. Here are a few updates of what has been happening since the new developer has taken over....
Take a drive through Preston Lake sometime soon to see the changes that are under way, and if you have questions, feel free to email (scott@HarrisonburgHousingToday.com) or call me (540-578-0102). Some Preston Lake reading material from the archives....
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This Thursday, Remembering Newtown and the R4 Project in Harrisonburg |
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![]() What makes a space or place valuable to a community? How do we decide which spaces and places to preserve and which to destroy? And who should decide? These are just some of the hard questions that will be discussed at a series beginning this Thursday that looks back at Harrisonburg's Newtown and the R4 Project, the city's "urban renewal" initiative of the 1950s and 1960s. [ Read more about Newtown and the R4 Project at the Harrisonburg Downtown Renaissance blog. ] Details on the event..... Remembering Newtown Lucy Simms Center Thursday, September 19th 6:30pm to 8:30pm (doors open at 6:15pm) | |
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Downtown Harrisonburg featured in national publication, Main Street Now |
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![]() Downtown Harrisonburg has seen some major growth over the past eight years and there are exciting projects on the horizon. Perhaps that's why Downtown Harrisonburg was recently featured in the national publication pictured above, Main Street Now. In fact, the magazine actually features a lengthy case study highlighting the successes in downtown Harrisonburg, with quotes from Eddie Bumbaugh, Barry Kelley, Andrew Forward and John Sallah.... ![]() Click here to download the Jan/Feb 2013 issue of Main Street Now to read the full story about how Downtown Harrisonburg has been transformed in recent years. | |
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THE ICE HOUSE, an innovative mixed-use redevelopment project in Downtown Harrisonburg is officially underway |
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![]() ![]() ![]() ![]() Local developers, Barry Kelley and Andrew Forward, are at it again -- transforming a downtown structure into an inspiring new space. Some of Barry and Andrew's past projects include City Exchange, Urban Exchange and The Walton Hotel. VISION - Some of the ideas that have been discussed for The Ice House include:
![]() LOCATION - The Ice House will be a transformation of the former Cassco ice plant located at 217 S. Liberty Street. As you can see, it's not a very exciting sight right now.... ![]() ZONING - The City of Harrisonburg has approved a rezoning request for 217 S. Liberty Street and the adjacent building, 115 W. Bruce Street. HISTORICAL TAX CREDITS; GRANT - One of the only reasons that this project is able to move forward is because of the historical tax credits available for the project. INDUSTRIAL REVITALIZATION FUND GRANT - Harrisonburg received a $500,000 grant from the Virginia Department of Housing and Community Development's Industrial Revitalization Fund. This grant is effectively a low-cost loan that will be available for the development of The Ice House. COMMERCIAL TENANTS - Conversations are ongoing, but James Madison University has confirmed that they will occupy some of the space in The Ice House. One of the JMU offices that will relocate to The Ice House is communications, marketing and public affairs. Additional current plans for the commercial space include a restaurant, a mint operation and a yoga studio. SCOPE, TIMING - The transformation of this 80,000 square foot building is estimated to cost $10 million and the aim is to have it substantially complete by the end of 2014. STATUS - A detailed master plan is currently being developed to include 217 S. Liberty Street, 115 W. Bruce Street, as well as a 104-space parking lot on a parcel diagonally across West Bruce Street. ![]() | |
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Neilsen Construction to build $2.4M lab for SRI International |
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![]() click here for a larger version of this image As indicated per a recent building permit issued by Rockingham County, it seems that Neilsen Construction will be building out the first floor of SRI International's Rockingham County facility with a $2.4 million laboratory. SRI International is located just north of the Harrisonburg City limits, you'll find yourself at the entrance to the Rockingham Center for Research & Technology, more recently identified as Innovation Village @ Rockingham. ![]() click here for a larger version of this image | |
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Cool Aerials from Google Maps: Quarry near Smithland Elementary |
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![]() Hidden just out of site between Linda Lane and Interstate 81, there is a huge quarry -- possibly the site of a future 160-Acre Mixed Use Development. Previous Cool Aerials from Google Maps: | |
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Boyers Road to end in cul-de-sac (at Route 33) |
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![]() When the SouthEast Connector is finished (in December 2014) Boyers Road will no longer connect to Route 33 East. Instead, it will end in a cul-de-sac as shown above. Per Rockingham County, the cul-de-sac and road closure may not be exactly as depicted above, but conceptually this is what is planned Further details from Stephen King, Deputy County Administrator for Rockingham County, include.... With regards to residents and businesses on Boyers, those with frontage on Route 33 would continue to have access to 33 and the stub of Boyers that remains. Those residents on the cul-de-sac'ed side of Boyers would travel south a short distance to the new southeast connector. Again, precise location of the road closure and cul-de-sac (or similar feature) are to be finalized in the design. If you have any concerns or ideas you would like to share, we're eager to hear them.Click here to view an overview map of the entire Southeast Connector. Click here to view a map of the section of the Southeast Connector between Reservoir Street and Route 33 East. | |
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76 Townhouses, Event Center planned for Massanetta Springs Road |
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![]() Lakeview Development Corporation (who own and operate Lakeview Golf Course) are planning to build 76 townhouses and an Event Center on the edge of the golf course near the intersection of Massanetta Springs Road and Shen Lake Drive (as shown above). According to information compiled by Rockingham County staff: "The proposed development consists of townhouses along a curvilinear roadway that follows the topography of the site. A new access point from Massanetta Springs Road would be constructed and a traffic circle woudl be placed near the entrance to the new development."The proposed proffers offer some helpful details:
View details of the proposed rezoning and development here. | |
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New Urbanist Community, Collicello North, under development in Harrisonburg |
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![]() Collicello North is a new community being developed on the north end of Collicello Street (see map below) being developed as a smaller, more intimate and sustainable neighborhoods within walking distance of entertainment, recreation, shopping and public transportation. Dean Weavers of Blue Ridge Architects explains his vision for the community: Read more on the Blue Ridge Architects blog. ![]() | |
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Details of Sale of Preston Lake Subdivision |
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![]() The bulk of Preston Lake subdivision (mostly undeveloped building lots) was foreclosed on in 2011, but last week was purchased by a neighboring land owner --- a developer from Maryland. After some further research, here is what was conveyed:
Thus, if we ignore the fact that roads, water and sewer need to be installed on those 43.5 acres (outlined above in red), this was essentially the purchase of:
And here is a bit of context on the purchase price:
So, how much was paid for each lot? Well, let's assume that a single family home lots is worth twice as much as a rowhouse lot --- and that a finished lot (with infrastructure) is worth twice as much as a planned lot. If that were all the case, this new developer essentially paid:
If you refer back to the amount of debt that was foreclosed on ($20M) and compare that to the new purchase price ($2M) we can assume that the previous developer's lot basis was 10 times higher ($100K for single family home lots, etc). Stay tuned! UPDATE: After further review of the deed transferring the property from Wells Fargo, I am now noticing that the new developer has agreed to pay a "Subsequent Fee" to Wells Fargo of 2% of the gross sales price of any of their newly acquired properties (building lots or lots where they have built homes) when it closes. This only applies to transfers within the first five years. | |
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Preston Lake Acquired By Neighboring Property Owner (Development Company from Maryland) |
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![]() According to a letter from Brian D. Goldstein, Vice President if Development for NAI The Michael Companies, the residential property at Preston Lake has been sold by Wells Fargo to a new entity known as MLK Preston Lake, LLC. A letter, excerpted below, was sent to current Preston Lake homeowners yesterday.... It is with great pleasure that I am writing this letter on behalf of MLK Preston Lake, LLC, the new owner of the Preston Lake Residential property. Being already invested in and committed to the success and vitality of the area through ownership of a portion of the adjacent commercial property, we look forward to reinvigorating the Preston Lake Residential development with this acquisition. We are confident that the existing homeowners in the neighborhood, Rockingham County officials, and the entire surrounding community will be very pleased with the quality and expertise that we will bring to Preston Lake.This excerpt from their web site speaks to the development background of the NAI Michael Companies, based in Lanham, MD.... Kenneth H. Michael, founder and Chairman of the Board of NAI Michael, created a Development Consulting Division to assist landowners and developers through the then increasingly complicated permit approval process. Over the years, as the approval process has become even more complex, time consuming, and technically demanding, NAI Michael's Development Consulting Division continues to stay abreast of the changes and requirements associated with the development process.The Michael Companies also seems to be amidst the development of a $900 million, 382-acre, upscale mixed-use community in Prince George's County. While The Michael Companies might be an out of town (out of state!) development company, they are no stranger to the Harrisonburg and Rockingham County area -- nor the general vicinity of Preston Lake. Over the past several years they have purchased a variety properties surrounding Preston Lake including (but not limited to) those outlined on the map at the top of this post. For a bit more context (and history) of Preston Lake, consider reading....
And, if you're excited about the reinvigoration of Preston Lake, you might want to buy my parents' house in Preston Lake.... | |
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JMU expands its footprint along University Blvd |
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![]() The JMU Real Estate Foundation purchased a commercial building on University Boulevard that currently houses Tuesday Morning, Hair Works, and AllState. The building is located between Blue Ridge Hall and the Oriental Cafe (red marker on the map above) and you will note that this purchase expands JMU's southeastern corner a bit further towards the intersection of University Blvd and Reservoir Street. ![]() The only remaining parcels on the corner are Sheetz, the shopping center containing The Oriential Cafe, and the Rescue Squad. The lot and building were purchased for $1,250,000 and there no specific plans for the building or land at this time. JMU intends to continue leasing the property to the current tenants. | |
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Approved 160-Acre Mixed Use Development in Harrisonburg, VA For Sale Priced at $8M |
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![]() This mixed use development located between Country Club Road, Linda Lane and Smithland Road is one of the only large developments left be built out in Harrisonburg. This project was approved several years ago, but development of the project never began. As approved by the City, The Quarry would include commercial space, single family homes, townhomes, apartments and condominiums. ![]() Click the Site Plan above for a larger version. This property is listed by Tim Reamer of Cottonwood Commercial. | |
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More residential development on Port Republic Road |
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![]() There is a lot planned for Port Republic Road --- likely related to the relocation of Rockingham Memorial Hospital, and the widening of Port Republic Road. We recently talked about the following new developments coming on Port Republic Road....
And now, I'm finding more details online about the residential development to take place at Stone Port. Here are details of the residential development at Stone Port, from their web site....
All of the above (Aspen Heights, Stone Spring Courtyard, The Reserve at Stone Port) are all indications of a recovering, growing local economy. | |
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Site Plan for Aspen Heights, Stone Spring Courtyard, Campus View Condos |
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It has become a part of my routine to take a look through the City of Harrisonburg Planning Commission board packets, as these are available for public consumption, and often have some interesting insights into forthcoming developments in the City of Harrisonburg. Read on for some highlights of what will be discussed during the October 10, 2012 meeting (at 7PM). ![]() Above is the site plan for Aspen Heights which is the new gated student housing complex being built on Port Republic Road. View more details on their Facebook page or web site. Per the site plan, there will be 183 buildings with a total of 600 bedrooms. ![]() Above is the site plan for Stone Spring Courtyard (here as a PDF) the new luxury gated apartment community on Port Republic Road. ![]() Above is the revised, proposed site plan for Campus View Condos (here as a PDF) showing the new layout of buildings as proposed by the new developer of the complex. The original developer was foreclosed on, and the new developer is proposing to 108 apartments in 8 buildings, instead of the same number of units 9 buildings. View the full Planning Commission board packet (and from previous meetings) here. | |
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Conference Center (and hotel) coming to Downtown Harrisonburg? |
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Last night the Harrisonburg City Council discussed a proposed conference center and hotel to potentially be built in downtown Harrisonburg. The proposal went before City Council because the developers are seeking public funding for part of the project. City Council made a decision to seek competing proposals, which are due to the City by Nov 13, 2012. After competing proposals have been received, the City can decide whether to move forward with a feasibility study to provide more data with which to make a decision about whether to provide the public funding for this project. The hard costs of the potential feasibility study will be paid by the City with funds paid by each developer that submits a proposal. The project team that is working on this proposed conference center and hotel include:
dpM Partners is based out of Gaithersburg, MD, has recently developed a Westin Hotel in Virginia Beach. Its principal, was the lead developer on the Stonewall Jackson conference center in Staunton and he is also a JMU graduate. The W.M. Jordan Company (proposed general contractor) recently completed the Hilton at Short Pump. The proposed conference center facility would be 18,180 square feet --- twice the size of the JMU Festival Conference Center --- and would be the largest conference center between Northern Virginia and Roanoke. The hotel would feature 205 rooms and would have a full-service restaurant. If eventually approved, the City would be contributing nearly $10 million of public funds to this project in the way Tax Increment Financing Bonds. The specific site has not been publicly identified, for competitive reasons, but it is in downtown Harrisonburg within walking distance of Main Street. I believe this is exciting news for Harrisonburg as it could potentially grow our local economy even further by bringing regional conferences into our area. It would also certainly be a boon for downtown retail businesses and restaurants. Stay tuned -- within the next 60 days the City will be seeking competing proposals, and then they will be deciding whether to move forward with a feasibility study. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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