Belvedere: The Principal of Somerset Realty Advisors, LLC serve as Project Manager for Belvedere, a 243 acre, 775 unit New Urbanist community. The Belvedere Code of Development provides the framework for the Belvedere community. The code provided guidance on fundamental principles such as building materials, architectural detail, and how each structure relates to the streetscape, while maintaining the flexibility that is the lifeblood of healthy communities. Working with community organizers, The Thomas Jefferson Foundation at Monticello and archaeologists, we restored an historic cemetery associated with the Free State Community, an ante-bellum community of free African-Americans. Development of Belvedere commenced in the spring of 2007. Belvedere has been the best selling single-family community in Albemarle County every year since 2009.
Liberty Park: MAH 720, L.P. hired Somerset Realty Advisors, LLC (S.R.A.) to develop a business plan for the repositioning, and redevelopment, of an 188,500 Ft2 industrial property. Based on the client’s goals and objectives, S.R.A. provided them with a detailed, comparative after tax pro-forma using various development and potential long-term tax scenarios. In consultation with the property owner S.R.A. developed and subsequently managed a program of property enhancements including paving parking areas, rehabilitating vacant office spaces, and up-fitting additional office space. S.R.A. coordinated the sub-division of the property, and subsequent sale of an outparcel, achieving the highest price/Ft2 in the history of Gordonsville.
Whittington: An Albemarle County family contacted Stonehaus about purchasing a 183 acre tract of land which had been successfully re-zoned in 1979, but never developed. While the opportunity to provide highly desirable 1-acre lots inside the “growth area” was attractive, the challenge was to assess the potential entitlement risk and to structure the deal without requiring a large capital intensive investment from Stonehaus. The entitlement risk was evaluated and quantified through a series of strategic meetings with zoning attorneys, County Staff and several members of the county Board of Supervisors. A deal structure was crafted which included a two-stage closing with a 1-year put-option and a multi-tiered ownership structure, incorporating two LLC’s each with multiple classes of equity investor. A total of $2.7 million in equity and secured a $9 million in debt were raised in less than two months. The project zoning was confirmed by the Albemarle County Board of Supervisors in February 2007.