What is being developed at the corner of Stone Spring Road and Spotswood Trail?


What is being developed at the corner of Stone Spring Road and Spotswood Trail?
By Scott Rogers • October 25, 2017
download a larger version of this photo here Just driving by, you might not realize the extent of the mass grading that is currently underway on the corner of Stone Spring Road and Spotswood Trail. The photo above should put it into perspective. This is a LOT of land that is being leveled and prepared for development. But for what, you might ask? A good chunk of it will be used for apartments, it seems -- and the balance for future commercial development. Below is my understanding of the intended use of the space.... download a larger version of this photo here My understanding of this intended usage of this land is based on the Preston Lake master plan as shown below, updated as of December 2016.... The area that is currently being graded will include the area shown below surrounded by a dashed line. This will include 168 apartments in 12 buildings, as well as a clubhouse and pool. Part of the land being graded in the aerial photo at the top of this post is intended to be used for future commercial development. So, who owns all of this land? The "Continued Residential Development" area is still owned by the developer that is developing and building homes at Preston Lake -- MLK Preston Lake LLC. The land being developed for apartments was sold by the Preston Lake developer (MLK Preston Lake LLC) to an entity called "Mid Town Square LLC" for $2,500,000 back on December 27, 2016. The balance of the land for future commercial development is owned by "TMC Harrisonburg LLC" -- which I believe is the same or similar ownership as the Preston Lake development company. As it pertains to the 168 apartments.... This article in the Daily News Record back in February 2017 traced the ownership of Mid Town Square LLC to William Park of Charlottesville.... "State Corporation Commission records list William Park of Charlottesville as the registered agent for Mid Town Square. Park is co-owner of Park Properties Management and president of Pinnacle Construction & Development Corp., which builds the apartments." The article went further to identify other complexes in this region that are owned and managed by Park's companies.... "Park's companies are behind two complexes in the area. Park Properties Management owns and operates the Colonnade Apartments, 66 rent-assisted units on North Mason Street in Harrisonburg, as well as The Landings at Weyers Cave, the complex sandwiched between Interstate 81 and U.S. 11 just north of Va. 256. The company also offers a high-end product. Windigrove Apartments in Waynesboro has been open for years, and The Lofts at Jubal Square are under construction in Winchester." Digging even further into my archives, I am finding that in the original packet for the proposed approval of the updated Preston Lake master plan (now approved) the engineer for the Preston Lake developer indicated that the apartment buildings are intended to be 2-stories in height. There are also quite a few additional details in that development packet as it pertains to proffers made by the developer when this updated master plan was approved. Receive Updates by Email Recent Articles: OK, False Alarm, Most Homes Are Still Selling Very Quickly How Quickly Are Homes Selling These Days? Middleburg at Stone Spring, To Include Up To 500 Apartments, Proposed Adjacent To The Reserve At Stoneport A Rough Two Years For Rising Mortgage Interest Rates Home Buying Activity Will Slow But Not Stop Over The Winter Demand Is Likely To Keep On Rising For Contractors And Home Renovators Update On City Of Harrisonburg Townhouse Market Trying To Buy A Home... A Story Of Being All In, Then Bowing Out, And Now Being Ready To Jump In Again Sometimes Upgrade Your Home (Selling And Buying) Results In An Even Larger Upgrade In Your Monthly Payment Despite Fewer And Fewer Home Sales, There Are Plenty Of Reasons Why Buyers Will Still Buy And Sellers Will Still Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Dec 11, 2023 (unless otherwise noted).
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