Route 58 & Pitchkettle Road Suffolk, Virginia

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Jeremy Lloyd
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1 Route 58 & Pitchkettle Road Suffolk, Virginia Cloverleaf Development, LLC Rev. 2/1/2017

2 PROPERTY PROFILE PROJECT NAME: FOXFIELD MEADOWS at Pitchkettle OWNER/DEVELOPER: CLOVERLEAF DEVELOPMENT, LLC CONTACT: Brian M. Clements (757) Office (757) Mobile (757) Fax LOCATION: PITCHKETTLE ROAD & SE QUADRANT of ROUTE 58, SUFFOLK, VA The property s location is in an area the City of Suffolk is making a concerted effort to promote residential and commercial development. Located close to Downtown Suffolkand Sentara Obici Hospital on Route 10, Shirley Holland Industrial Park on Route 460, and the Centerpoint Intermodal Center (900 Acres) which is creating approximately 3000 jobs. The subject property has several hundred feet fronting on Pitchkettle Road and has direct onsite access to sewer and water lines, and is contiguous with a large single family parcel located to the south of the subject property. Hearndon Construction will be building all of the homes in the single family portion of the community. Hearndon has completed the infrastructure for Phase 1 of the single family parcel and recently completed all off site improvements totaling approximately $1,000,000. Sewer and water connections, as well as all franchise utilities, have been run to the multi-family parcel. A 30 x 30 sign easement on Pitchkettle Road has been secured from the adjacent property to benefit the multifamily project within the community. The community is adjacent to and connects with Westhaven Lakes, a well established upper end community, with homes ranging from the High $300Ks to $700K.

3 CITY OF SUFFOLK: The City of Suffolk, Virginia is part of the Norfolk/Virginia Beach/ Newport News Metropolitan Statistical Area (MSA), an area of 1.6 million people, and ranked 40th in the nation for size and is the Commonwealth s largest city at 432 square miles. Suffolk is 20 miles from Norfolk, 90 miles from Richmond, and 200 miles from Washington, D.C. Suffolk is home to companies like Kraft/Planters, Green Mountain Coffee, SYSCO Foods, Unilever/Lipton, BASF, QVC, Sentara, Friant, Lockheed Martin, Bon Secours Health Systems, Massimo Zanetti, ACE Hardware Distribution Center, Target Distribution Center, Sara Lee, and many others. It is also a place where all businesses thrive. Suffolk has a wealth of opportunities for new and existing businesses to leverage their investments with additional state and local funding. From our Economic Development Investment Program, Foreign Trade Zones and HUB Zone Contracting Program to our Rehabilitation Tax Credits and Facade Improvement Program, we offer a wide variety of attractive federal, state and local incentives for businesses to reach new levels of prosperity. The Suffolk facility of Virginia Modeling, Analysis and Simulation Center (VMASC) is a multi-disciplinary research center of Old Dominion University. VMASC is aimed at promoting economic development through collaboration with industry and through the continued maturation of research ideas and analysis to create tangible products and applications suitable for commercial development or public investment. Its presence along with companies like Lockheed Martin, Truestone, Northrop Grumman, ISHPI, J7 Joint Staff, Naval Information Forces, and General Dynamics situates Suffolk at the forefront of the Modeling and Simulation industry. The Virginia Port Authority, the largest natural deepwater harbor in the world, is nearby in Norfolk, Portsmouth and Newport News. Over 80 million tons of cargo is handled annually. Suffolk s Nansemond River is also navigable to a depth of 12 feet. Suffolk is strategically located for Port related industries and has the Center Point Intermodal Center ready with 2,000 plus acres! ZONING: RU (Multi-family) Limited to 114 Units under rezoning proffers (see proffer statement attached). BOTH FOR SALE OR FOR RENT PRODUCTS ARE PERMISSIBLE

4 NO PROFFERED LAYOUT NO PROFFERED ELEVATIONS, NO PROFFERED EXTERIOR MATERALS NO PROFFERED RESTRICTIONS. ALL OFFSITE IMPROVEMENTS AND UTILITIY CONNECTIONS TO THIS SITE ARE IN PLACE. SUBDIVISION MIX: FOXFIELD MEADOWS 128 Clustered (Average 55 x 95 ) Single Family Lots (RLM) SOLD 12/ Multi-family Units All Types (RU) Subject Property WESTHAVEN LAKES Section 8 SOLD 12/ Clustered (Average 80 x 135 ) Single Family Residential Lots (RL) Sections 6 & 7 SOLD 12/ Single Family Residential Lots(30,000 sq.ft.) (RL) 285 Total Units Homes on single family parcel must meet Cluster Design Standards and layouts. PROFFERS: Cash Payments: - FOXFIELD MEADOWS Single Family Lots: $6, per lot SOLD 12/2014 Multi-Family Units: $3, per unit SEE PROFFER STATEMENT FOR COMPLETE DETAILS OF ALL PROFFERS ESTIMATED HOME PRICE RANGES: Single Family Homes: $269,000 and up (Per Listing & Sales Data) Multi-Family Homes: $199,000 and up (Estimate)

5 LAND PRICING: $1,950, STORMWATER PERMIT: Construction General Permit VAR10E8951 PARCEL APPROVED UNDER 2009 REGULATIONS (See confirmation letter from Virginia DEQ Attached) CONSTRUCTION PLAN STATUS: Foxfield Meadows: Single Family Cluster Construction Plan Approved Multi-Family Plans to be prepared and submitted Purchaser. Westhaven Lakes Estates: Single Family Cluster and Conventional Construction Plans Approved

10 View of Multi-Family parcel from Pitchkettle Road (Single Family in background) Multi-Family Main Entrance

11 Multi-Family Parcel Foxfield Entry (Terrywood Drive) Multi-Family Parcel on Right

12 Single-Family Parcel Entry Single-Family Parcel

13 Single-Family Parcel Single-Family Parcel

14 Single-Family Parcel Foxfield Meadow Entrance (Terrywood Drive) looking toward Pitchkettle Road

4359 SADLER ROAD GLEN ALLEN, VA

INNSBROOK LAND MIXED USE DEVELOPMENT OPPORTUNITY 4359 SADLER ROAD GLEN ALLEN, VA 23060 Part of the CBRE affiliate network I-64 4359 Sadler Road West Broad Street Dominion Boulevard INNSBROOK SHOPPES LOCATION