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University Village

Project Name:
University Village

Transaction:
Assemblage of Owners

Use Type:
Mixed Use

Location:
Manassas, Prince William County, VA


Project Outline:

  • Weber Rector contacted two unrelated land owners in an area that had been slated for new transportation improvements and growth. We then met with each of them and demonstrated why an assemblage of their properties for the purpose of or rezoning would be in their best interest and were given the opportunity to present our case.
  • We showed them that the timing was right politically for them to work together to rezone their property and how this could be achieved with a development/marketing agreement on their properties in order to achieve a much greater value.
  • Located near planned major road networks, it was apparent that the area would be an excellent location for multifamily units, office, and retail (University Boulevard and Sudley Manor Drive).
  • The political climate for this type of zoning was optimal; otherwise the opportunity for these two property owners would fade away. The comprehensive plan called for a mixed-use office, retail, and multifamily use. The politicians were favorable to landowners and the monetary proffers were reasonable.

Services Provided:

  • We developed the rezoning team that would be the best for this project, which included the land use attorney and the engineer.
  • We were the project manager. We managed the zoning of the project and reported and periodically met with the sellers.

Value Added by Weber Rector:

  • This project started in 2001 and ultimately received zoning approval in 2003. The project now sits zoned and postured as a quick start project for a purchaser.
  • With the downturn in the residential market, the sellers will have to wait several more years in order to achieve the ultimate selling price. However, the efforts we spent over the past few years are still significant.
  • The monetary proffers required by the county on this project as zoned are $8,900 per unit. If this property were to be zoned today, the monetary proffers would have been increased to $27,000 per unit. The savings in the monetary proffers alone has resulted in a saving of $6 million dollars to a potential buyer.