lindley (1)

Business Insider

Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

RSS feed of this blog

Large residential development proposed near Lee’s Parke in Spotsylvania

An Arizona-based real estate investment group is proposing a large new residential development off U.S. 1 near Lee’s Parke in Spotsylvania County.

Walton International Group has proposed a total of 1,060 residential units on about 378 acres it purchased last year for about $11.6 million. The land is just south of the Lee’s Parke subdivision and the intersection of U.S. 1 and Spotsylvania Parkway. It’s northeast of Smith Station Road and west of U.S. 1.

Walton is calling the development Heritage Woods. Plans call for a variety of housing types — including single-family homes, townhouses and multi-family units — as well as open space, walking trails and other recreational amenities.

The property is now zoned a mixture of commercial (C-3) and rural (Ru), and Walton is seeking to have it rezoned to planned development housing (PDH-3).

A public information meeting regarding the proposed Heritage Woods development will be held starting at 7 p.m. July 23 at the Spotsylvania County YMCA. That’s a preliminary step in a rezoning process that will probably eventually end up in front of the county’s Board of Supervisors. Walton has hired local attorney Clark Leming to oversee the rezoning process.

Walton is a real estate investment company based in Scottsdale, Ariz. Within the past two years the firm has also purchased about 1,190 acres in southern Stafford County along the north side of State Route 3 near the Little Falls Run wastewater treatment plant. Walton typically buys land in fast-growing areas and then waits for development opportunities. The firm doesn’t build the homes but rather sells finished lots to builders and completes community amenities.

The corridor of Spotsylvania where the 378 acres are located includes the Cosner’s Corner shopping center, the Spotsylvania Regional Medical Center, Germanna Community College and a planned Virginia Railway Express station. It is considered a major growth area for the county.

Walton Chief Operating Officer Tim Terrill said in an email that the company started the entitlement process for Heritage Woods first because it is smaller and less complex than the Stafford project.

Post tags: