Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

Parts of New Kent Courthouse Village, a partially-built $30 million mixed-use development modeled after a traditional English village,are set to go foreclosure auction after filing for  Chapter 11 bankruptcy protection back in October 2011

The banks that lent money on the project are EVB, Essex Bank and Colonial Virginia Bank.

Lenders are foreclosing and auctioning off the residential and commercial portions of the development, which stalled as the economy took a free-fall.

The existing businesses aside from the restaurant are not a part of these actions.

New Kent Courthouse Village was created by John Crump , New Kent County’s former commissioner of the revenue. It has been in the works for eight years.

Initial court filings showed the development owes $1 million to Colonial Virginia Bank and hundreds of thousands to individuals, including Crump.

The developer company that created New Kent Village is owned 50/50 by Crump and his uncle L. Drexel Crump, who lives in Florida.

Crump, had envisioned a community like one would find in England. He even sent the architect to England to experience the “Village experience” which would include a church, government building, school and green space all within walking distance.

Unfortunately the economy isn’t allowing Crump’s vision to move forward and Tranzon Fox will conduct a  Foreclosure Auction for a 3.14± acre, partially developed site known as Preservation Park. It is immediately adjacent to the New Kent County government complex and  part of the New Kent Village development. The parcel is composed of nine planned development pads, one of the pads contains the currently operating restaurant, the Rose & Crown Tavern, and another contains a partially completed commercial building. Most of the parking is in place.

The  Rose and Crown  restaurant is in a restored 1810 house . Outside the restaurant is a restored smokehouse for curing meats and a restored log kitchen, which was developed as a museum with help from the Virginia Historic Society.

The  1500 square foot partially completed commercial building is adjacent to the restaurant . Public water and sewer are in place for phase one and available for phase two. I believe this was built to house a Glassblower/ retail store..

Most of the parking lot work is complete.

Auction/Sale date and time

4/03/12 @ 1:30 PM ET at the New Kent Courthouse, New Kent VA.

Original Site plan for the 3.14 acre parcel (Preservation Park)

The second parcel that is being auctioned by Colonial Virginia Bank  is a 9 acre parcels that was slated to become the Maidstone community. A model home sits at the front but no other homes were ever built. It was subdivided into 71 lots but could be re-subdivided. The roadwork is partially completed with curb/ gutter in but no paving was completed.

Plans were in place to build very high quality , energy-efficient single family detached homes,  townhomes, and carriage homes. The model home was built with an accessory apartment that was allowed by code to be rented out by a homeowner. An interesting feature that could bring in a future rental income stream for residents.

Of course quality has a cost and Crump could not find buyers for the homes which ranged in price from $225k for a 1200 sq. foot model to $325k for a 2256 square foot detached home. The homes were to feature 6” exterior walls, 50 year roof shingles, hardiplank siding, extensive interior trim, Anderson windows, granite countertops, 9 foot  ceilings, hardwood floors and a host of features not typically found in homes at this price range.

I think if this development had been built in Williamsburg it would have sold like hotcakes but most New Kent buyers were opting for lower cost homes with much more square footage.

The bank  sale is scheduled for March 29, 2012 @ 10AM at the development site.

This parcel is 9.031 Acres and contains was recorded as 71 Lots; It could be Re-Subdivided; Colonial Virginia Bank was the lender on this property and is leading the foreclosure proceedings.

Within the New Kent Village development are  26,000 square feet of commercial space that is built and occupied. The businesses already open in New Kent Village are : Active Life Fitness, Colonial Virginia Bank, Chickahominy Family Practice, Maidstone Market, Stay and Play Daycare, Rose & Crown Restaurant, New Kent Insurance Agency,  Maidstone Dental, . None of these are part of these sales and will continue to operate…

Location map of New Kent Village

Filed under: New Kent VA Communities, New Kent Village | Tagged: new kent va foreclosure |