August 23, 2012

NVR Snatches Up First Lots in Once-Idled DC Community

By Teresa Burney, Senior Editor
Builder 2012

A year after snatching up a picturesque, but distressed, turn-key master-plan development on the Potomac River, SunCal has started to sell lots in Potomac Shores, one of the last big land parcels in the I-95 corridor near Washington, D.C.

The largest privately held real estate developer in the United States announced Thursday that it has sold 371 residential lots in the first phase of the Prince William County, Va., development to NVR, which will be the exclusive builder in the community’s first phase.

NVR plans to build on the 5,000- to 9,000-square-foot lots under its NVHomes, NVR Legacy, and Ryan Homes brands. It expects to open model homes in six neighborhoods in the second quarter of 2013. The homes will be built with a contemporary interpretation of the Tidewater style, the news release said.

“We chose NVR to be the builder in this first phase because it was a great fit for the project, especially since we are creating the architectural style that you are going to see at Potomac Shores,” said David Soyka, senior vice president for public affairs at SunCal. “NVR has created a style of architecture that they have not done anywhere else specifically for the project.”

Potomac Shores was formerly known as Harbor Station when it was being developed by Kettler, which had invested $200 million in the project before it was put into receivership, where it sat idle for three years, the Washington Business Journal reported.

When SunCal bought the parcel in August 2011, it already had entitlements for up to 3,987 homes and 3.7 million square feet of commercial space, including a five-star resort. Some roads and significant lot grading were also complete. It also already had a Jack Nicklaus Signature golf course that SunCal is set to open in the second quarter of 2013.

Potomac Shores is a transit-oriented community, 35 miles south of downtown Washington, D.C. A new Virginia Rail Express commuter rail station is proposed for its new town center.

Teresa Burney is a senior editor for Builder magazine.

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