• The Cathcart Group of Charlottesville plans to build a total of 396 units in 17 buildings between Ridgedale Road and the extension of Stone Spring Road commonly known as the southeast connector.
   
  
• The Cathcart Group is seeking to appeal to "renters-by-choice," including graduate students, young professionals, professors, doctors and retirees.
   
• In addition to the 168 residential units, The Reserve's first phase will include a 7,000-square-foot clubhouse with space for social gatherings, a professional chef's kitchen, a 24 hour business and fitness center, and a wide-screen movie theater. There will also be a swimming pool, spa, outdoor fire pit and dog park.
   
• Eventually, The Reserve will include a 27- acre "village center" with a "large grocery anchor or regional attraction with Main Street shops, restaurant[ s], hotels, pharmacies and service amenities — all surrounded by attractive green spaces and water features,"
   

The Village at Chicago Park intent is for environmentally friendly, relatively small mixed residential development with single-story and two-story homes with footprints from 1,500 sq-ft to 2,100 sq-ft under roof.

The principle for the intended size of the homes is to be sustainable, energy efficient, low maintenance, and attractive by utilizing elements that mirror natural aspects. The homes are intended to include porches, a garage, and stoops all within the small footprint. The homes can be constructed and oriented so that the southern exposure is utilized for solar energy. Efficient house shell and controlled crawl space construction with the above elements provide for an eco-friendly neighborhood.

The Village at Chicago Park will incorporate pedestrian walks on both sides of the street. These walkways will connect to the emergent walk system along Chicago Avenue as the developer seeks to keep things neighborhood oriented increasing the accessibility to a greater community.

The Village at Chicago Park's emphasis is on sustainability. These concepts combined with the use of quality products, excellent craftsmanship, on site open space, and small lots create an environmental and pedestrian friendly, low maintenance attractive neighborhood.

The Ice Factory is one of Harrisonburg's most exciting 2014 projects.  The project features over 130,000 square feet of mixed use (commercial/residential) space offering a unique mix of both recreational and living space.

The top two floors of the Ice Factory will be 34 residential units.  These units will vary from one bedrooms to efficiencies and will feature the modern comforts people have come to expect from previous Matchbox projects such as the Livery Building, Urban Exchange, and City Exchange.  The apartments will highlight the rustic interior of their former use with concrete floors,  12' ceilings, huge windows, and dynamic columns to capture the look and feel of an industrial loft.

Ice Factory residential occupancy is slated for summer 2014 for all those who are interested.  For more information on rental availability, please contact Mary Messerley at mary@matchboxrealty.com.

Ice Factory overview

Ice Factory Phase One  (JMU, etc.)

Ice Factory Phase Two  (commercial, community, residential)

• The Cathcart Group from Charlottesville will be developing The Reserve at Stoneport.
• The Reserve will encompass 21.8 acres, and will consist of 396 apartment homes.
• Construction on the first phase (168 units) will begin in 2012-Q4.
• The Reserve is planned to feature amenities such as The Reserve Club --- a 7,000 SF clubhouse with a business center, fitness center, cyber cafe, movie theater, billiards room, ping pong room, spa and tanning rooms, etc.  Other amenities will include a pool, hot tub, outdoor fireplace and lounge, sport court, walking trails, kiddie pool and tot lot.
• The apartments will feature one, two or three bedrooms, and will feature granite counter tops, maple cabinets and stainless steel appliances.

• 2 townhouses are sold
• 3 townhouses are under contract
• 2 townhouses remain for sale

Click here to view the available townhouses, floor plans, standard features, or photos of the new model home at The Townes at Bluestone.

Why are these townhouses selling so rapidly?

• A great location in the Blue Stone Hills area, with close proximity to shopping, dining, etc.
• Well thought out floor plans with one-car or two-car garages.
• Exciting standard features and flexible upgrades and options.

Let me know if you'd like to take a peek at the new model home at The Townes.  Just call me 540-578-0102 or send me an email: scott@HarrisonburgHousingToday.com.

• As shown above, the lake has been drained and is being repaired, as there seemed to have been a leak that was preventing it from staying full.
   
  
• Not shown above, a new brick wall is being built along the edge of Preston Lake at Massanetta Springs Road, which will be accompanied by a revamped entrance.
   
  
• A new model home has been built that showcases what the new builder is offering.
   
  
• A variety of new models of homes are being advertised.... 
• The Cottage Collection (1847-2334 SF) starting in the mid $300K's
• The Vista Collection (2965-3226 SF) starting in the high $400K's
• The Estate Collection (3238-4056 SF) starting in the low $500K's
• The Charleston Townhome Collection (1763-1897 SF) starting in the high $200K's
  

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....

• Details of Sale of Preston Lake Subdivision (Dec 2012)
       
  
• Preston Lake Acquired By Neighboring Property Owner (Development Company from Maryland) (Dec 2012)
   
  
• Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association (Feb 2011)
   
  
• Preston Lake Foreclosure Auction Results In $3.5M Sale To Wells Fargo (Feb 2011)
   
  
• Preston Lake Headed To Foreclosure? (Jan 2011)
   
  
• Sales Updates at Preston Lake in Harrisonburg, VA (Jul 2010) 
  

• Six Paired Homes have sold.
• The 7th and 8th Paired Home are under construction....and under contract.
• Only two paired homes remain!
• A new model home (detached) is under construction!
  

• TheGlenAtCrossKeys.com
• Available Homes
• Floor Plans
• Site Plan
• Standard Features

• Restaurant / Cafe
• Artisan Space / Destination
• Culinary Arts Community Kitchen
• Open Office Space
• Gallery Space
• Aquaponic Facility
• Garden Terrace along Blacks Run
• Event Space
• Loft Apartments
• Shared Gym
• Rooftop Gardens
• Loft Apartments / Condos

I started the master plan for Collicello North by orienting smaller homes (1,000-1,800 SF) to take full advantage of the sun. The roof lines were designed so that photo voltaic panels become a natural extension of the structure. The homes will be high-quality construction with close attention to architectural details, energy efficient and EarthCraft-certified. The tree-lined streets are designed as much for the pedestrian as for vehicle traffic. The patios and courtyards provide private outdoor spaces while the porches connect spatially to the large center common area with open space, grass, trees, a pavilion and community garden.

• 82 platted single family home lots
• 109 platted rowhouse lots
• 43.5 acres that have not yet been platted, but are planned to include:
• 28 single family home lots
• 202 rowhouse lots

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:

• 110 single family home lots
• 311 rowhouse lots

And here is a bit of context on the purchase price:

• $20,500,000 = the amount of the loans that were foreclosed on in 2011
• $4,530,000 = the appraised value at the time of the foreclosure
• $3,500,000 = Wells Fargo's opening bid at the foreclosure sale
• $2,000,000 = last week's sales price to Preston Lake's new developer

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:

• $9,950 per platted single family home lot (82 in total)
• $4,975 per platted rowhouse lot (109 in total)
• $4,975 per planned single family home lot (28 in total)
• $2,488 per planned rownhouse lot (202 in total)

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).

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.

We are looking forward to meeting all of the current homeowners in the community, and working with you to unveil our plans for the balance of the project.  We have teamed up with an award winning home builder and architect from Virginia on this project, and we all look forward to presenting our vision of the future of Preston Lake at a homeowners meeting on January 8th.

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.

As the development consultant, NAI Michael has developed over 10,000 acres of land for various owners in the Washington DC Metropolitan Area. They developed or redevelop land in all zoning categories. NAI Michael has played the role of consultant in commercial and industrial projects in excess of eight million square feet of gross building area. In addition, their residential development activities have provided thousands of quality homes for families throughout our community. Their clients range from the small investment owner, to the most sophisticated, large corporate user. The finest testimony to their expertise is the high number of experienced builders and developers that rely heavily on the knowledge, experience, and advice of NAI Michael experts.

• Updates on Preston Lake Subdivision (Mar 2011)
   
  
• Preston Lake Foreclosure Finalized: Land Transfers To Wells Fargo, Homeowners Association (Feb 2011)
   
  
• Preston Lake Foreclosure Auction Results In $3.5M Sale To Wells Fargo (Feb 2011)
   
  
• Preston Lake Headed To Foreclosure? (Jan 2011)

And, if you're excited about the reinvigoration of Preston Lake, you might want to buy my parents' house in Preston Lake....