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

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Richmond-area man purchases Belmont North

The land for the proposed Belmont North subdivision in Caroline County sold Wednesday to a man who grew up near the 184-acre property.

Jeff Staples submitted the winning bid of $1,072,500 at a foreclosure auction in front of Caroline Circuit Court in Bowling Green. That price includes a 10 percent buyer’s premium.

About two dozen people attended the auction, including substitute trustee Jeremy Root and Motley’s Auction & Realty Group Vice President Tim Dudley, who was the auctioneer. Staples was one of two bidders.

The land where Belmont North is proposed off State Route 207 a few miles from the Interstate 95 interchange in Carmel Church is now being farmed for grain. It’s zoned for 526 homes, including single-family houses, villas and townhouses.

Staples, who owns additional land in that area, said the property will continue to be farmed until there is demand for new homes, at which time he and potentially other partners will develop it. Staples developed the 398-unit Milestone residential community in Hanover County.

Frank Sealy, who originally developed the Belmont community before the housing market collapsed, attended the auction with his son and appeared to be in good spirits.

Another auction on a former Sealy property in Spotsylvania County was held earlier Wednesday in front of Spotsylvania Circuit Court. That was for 8.4 acres at 4517, 4525 and 4537 Mine Road. Medical offices totaling 123,000 square feet have been envisioned there.

There were no bidders at the Spotsylvania auction. The property will now revert to project lender Union First Market Bank, which will offer it for sale.

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Permalink: http://news.fredericksburg.com/businessbrowser/2013/03/27/richmond-area-man-purchases-belmont-north/