Crosland Wins Project in Virginia

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Crosland Wins Project in Virginia
By: MultifamilyBiz Staff - 4/24/2009 7:52:50 AM

CHARLOTTESVILLE, VA - Crosland LLC has won an intense national competition that positions it to lead an estimated $170 million to $200 million mixed-use redevelopment in Charlottesville, Va.

Martha Jefferson Hospital's board of trustees has entered an exclusive negotiating agreement with the Charlotte real estate company to shape the future of its 14-acre downtown campus.

The hospital, which is moving in 2012 to a new facility on 88 acres, would be replaced under Crosland's development concept by a master-planned community comprising neighborhood compatible residences, shops and offices.

The hospital's proposals search attracted 25 groups in pursuit of the project, a development plum in a sluggish economy with few opportunities of such magnitude.

"We've taken a very patient approach to finding the right partner who understood our vision as well as the city and the surrounding neighborhood," hospital spokesman Steve Bowers said. "Crosland listened to the needs of all those groups and has previewed concepts that are innovative yet sensitive to the historic environment."

Martha Jefferson's 80-year old Patterson Wing would be preserved, for example, and incorporated in the new development, about two blocks from Charlottesville's downtown pedestrian mall.

"We feel we have a good understanding of the uniqueness of Charlottesville … and we're honored to be selected as their partner in working toward an exciting new vision," said Steve Mauldin, president of Crosland's mixed/multi-use division.

Crosland, the hospital and city are in a 120-day negotiation period to refine concepts and work toward a definitive agreement.

The hospital, which has operated on the site for 105 years, likely would contribute its land as its part of a joint development venture with Crosland.

Mauldin said Crosland submitted proposals that include multifamily residences and detached homes mixed with open space, office buildings and retail, including a 15,000-square-foot grocer.

As part of the project, some single-family houses converted to hospital offices would be restored as residences.

Mauldin said construction could start at the periphery of the campus before the hospital relocates in 2012.

Crosland's development team for the project includes Charlottesville-based Celebration Associates and Charlotte-based Insite Properties, which has a Charlottesville office.

Mauldin said Crosland became familiar with the area through its codevelopment with Celebration Associates of such Virginia projects as the Bundoran Farm residential community in Albemarle County and the Homestead Preserve in Bath County.
Source: CharlotteObserver.com