Property developer SunCal has unveiled plans for a 1,980-acre mixed-use project on the banks of the Potomac River in Prince William County, Virginia, US.
The development site features two and half miles of river frontage and has received approval for a new Virginia Railway Express (VRE) commuter rail station to be located in the middle of the town centre.
Construction of the VRE rail station, which is anticipated to open in 2017, will be financed primarily with federal funds.
The project will feature approximately 3.7 million ft² of office/commercial development and an estimated 3,987 residential units, a marina, a hotel and a spa.
US-based land developer Kettler had invested about $200m to start the project, formerly known as Harbor Station, but halted it due to the recession.
In August 2011, SunCal acquired the property for a reported $55m after it went into bank receivership and rebranded the community as Potomac Shores.
SunCal vice president of eastern region acquisitions Casey Tischer said that construction is under way on the $2.5bn Phase I work, which could take about ten years to complete.
By mid-2013, SunCal plans to finish improvements to a Jack Nicklaus-designed golf course built by Kettler, add a golf course clubhouse, begin building some of the residential units and partially complete features of the town square.
The first phase of the residential area will feature 879 single-family homes, of which over 300 have been sold to the US-based residential developer NRV.
Hart Howerton is serving as the project’s architect and Virginia Commerce Bank is providing some of the construction financing.
Image: The project will feature approximately 3.7 million ft² of office/commercial development and an estimated 3,987 residential units. Photo: SunCal.