90 Acres Of Land In The City Of Harrisonburg Sold For $6,775,000 For Development Of Bluestone Town Center


90 Acres Of Land In The City Of Harrisonburg Sold For $6,775,000 For Development Of Bluestone Town Center
By Scott Rogers • May 2, 2023
It's official -- the 90 acres of land to be used for the development of Bluestone Town Center has been officially purchased, as of yesterday, by a corporate entity (EP HARRISONBURG OWNER LLC) that seems likely to be the new partnership between Equity Plus and the Harrisonburg Redevelopment and Housing Authority. The land purchase was in three parts (from three separate land owners) as follows... 25.984 acres for $1,964,072.50 17.215 acres for $1,300,800.00 46.443 acres for $3,510,127.50 Again, that's a total of just under 90 acres for $6,775,000. Presumably at some point soon a more detailed site plan will be submitted to the City for review. Sifting through the court records, it was also interesting to note that... [1] EP HARRISONBURG OWNER LLC immediately put a loan in place via the National Housing Trust Community Development Fund for $6,480,000. [2] A Land Use Restriction Agreement was also recorded with a variety of details such as... [2a] There seems to only be a requirement that the housing be rented within certain affordability guidelines for 10 years. Hopefully the developer will continue to keep the rental rates at affordable levels after that even if the land use restriction agreement doesn't require it? [2b] At least 8% of the units shall be rental housing that is affordable to those with incomes at or below 30% of the Area Median Income. [2c] At least 38% of the units shall be rental housing that is affordable to those with incomes at or below 80% of the Area Median Income. [2d] All remaining units will be for sale units affordable to those with incomes at or below 120% of the Area Median Income. Receive Updates by Email Recent Articles: Improving Your Home Might Make More Sense Than Selling And Buying Buying A Home In Harrisonburg When You Do Not Yet Live Here Is Particularly Difficult Right Now An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market?
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 May 31, 2023 (unless otherwise noted).
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