Lansdowne Development Group (http://www.lansdownedevgroup.com) in partnership with Markel Eagle Partners, LLC and Knutson Companies closed on the Barber & Ross Property and the adjacent Perry Property, located in Leesburg, Virginia. The approximate 12-acre assemblage boarders Harrison Street and the W&OD Trail and was previously zoned for 336 residential units and commercial space in a predominately industrial area in 2006. The closing took place in October 2012.
Lansdowne Development Group named this new high-end, mixed-use development, Crescent Place, which will consist of townhomes, stacked condominium townhomes, and Live/Work units. Upon completion there will be 230 residential units, with 16,000 square feet of retail space.
Lansdowne Development Group is committed to bringing an upscale community to this property at the corner of Harrison Street and Catoctin Circle. “Our vision is to design a community with a city vibe that feels as though it has always been an integral part of the neighborhood,” stated Mr. Hobie Mitchel, President. “Crescent Place will have the biggest impact on the revitalization of the Crescent District.”
Mr. Mitchel’s group has submitted rezoning plans to the town, reducing the number and mix of units to be more compatible with the Crescent District. The property will need to get approval from the Town of Leesburg.
“We have been looking at this property for several years and were pleased to purchase it a couple weeks ago,” said Mr. Mitchel. “Crescent Place will link the Crescent District to the retail and restaurants in downtown Leesburg, a great amenity for our residents and businesses.”
Site mobilization and demolition will begin Summer 2013 with delivery expected by year-end 2013.
About Lansdowne Development Group: Lansdowne Development Group is a Washington metropolitan based real estate development, acquisitions and investment company. The company is multi-faceted and has the ‘in-house’ capacity to provide site selection, site assemblage, community design, community development and marketing of all residential and commercial properties.
The company has acquired and developed land valued in excess of $1 billion dollars. Lansdowne Development Group’s portfolio includes residential, master-planned developments, mixed-use, and land holdings. The senior management team consists of executives with more than 40 years of experience developing, acquiring, managing, and constructing real estate assets. For further information on Lansdowne Development Group, please visit http://www.lansdownedevgroup.com.
About Markel|Eagle Partners: Markel|Eagle Partners is a real estate investment company jointly owned by the Markel Corporation (NYSE: MKL) and Principals of the Eagle Companies. Markel|Eagle seeks debt and equity investments in residential and commercial real estate throughout the Mid-Atlantic and Southeast regions, including Virginia, Maryland, Delaware, North Carolina, South Carolina, and Georgia. Markel|Eagle buys assets directly as well as through joint ventures with local operating partners. The firm, based in Glen Allen, VA, manages $95.0 million of discretionary capital and is currently investing Markel|Eagle Partners Fund II, LLC, a $50.0 million real estate private equity fund. For further information on Markel|Eagle, please visit https://markel-eagle.com.
About Knutson: Knutson is a Washington D.C. based real estate company that builds neighborhoods and homes with superior curb appeal and innovative interior designs within walking distance of restaurants, retail services and employment. These assets, location, physical quality and amenities combined with over 50 years of experience offer opportunity and value for our customers and partners.
Mr. Knutson has managed the development, construction and sale of more than 15,000 homes in 7 states including more than 10,000 in Virginia and Maryland. The senior management team has experience in all areas of residential real estate: urban infill and large scale suburban development; single family detached and stacked condominium townhomes; mid-rise elevator condominiums and 250 unit apartment buildings; mixed-income redevelopment and exclusive communities with high-end amenities; active-adult and mixed-use residential over retail. For further information on Knutson, please visit http://www.knutsoncos.com.