August 03, 2011

SunCal Acquires Harbor Station Mixed-Use Development Along Potomac River in Metro Washington, D.C.

IRVINE, CALIF. (August 3, 2011) – SunCal, the leading private land developer in the U.S., has been seeking new properties in the Washington, D.C. area and recently closed the purchase of the partially completed Harbor Station master-planned community in Prince William County, Virginia.

The transit-oriented development is located 35 miles south of downtown Washington and is situated on 1,920 acres of rolling, forested land along the Potomac River and Powells Creek. It is one of the region’s few remaining large, undeveloped parcels along Interstate 95. The project has been idle for more than three years and SunCal acquired the parcel as a bank-owned property. The financial details of the transaction are not being disclosed.

The new community is zoned and entitled for a combination of residential, commercial, hospitality, marina and civic uses. It also features the world-class, 18-hole Potomac Harbor Golf Course, a Jack Nicklaus Signature Golf Course. A new Virginia Rail Express (VRE) commuter rail station is proposed for the northeast portion of the site, and it will provide residents with convenient access to Washington, D.C. and other major commerce centers.

The community’s plans are approved for up to 4,000 residential units and 3.7 million square feet of commercial uses; approximately 45% of the property’s natural open space will be preserved. Extensive grading and roadway infrastructure has already been completed throughout the site.

“We’re very excited to be involved with this special property that is located in a spectacular waterfront setting and is planned to offer a mix of residential, commercial and recreational uses,” said Casey Tischer, Vice President of Land Acquisitions for SunCal. “We understand the importance of Harbor Station as a destination community, and we’re looking forward to working with the county and area residents as we develop the site.”

Headquartered in California, SunCal has been actively pursuing property acquisitions in gateway markets around the country. In addition to the Harbor Station transaction in Washington, D.C., in recent months the company acquired various developments in Chicago, Southern and Northern California, and Las Vegas.

“We recently opened an office in New York City to help SunCal better target opportunities on the East Coast,” said Frank Cappello, a SunCal principal. “As the head of this office, I am very excited about our investment in Harbor Station and the greater Washington, D.C. market, and we will continue seeking out acquisition and development opportunities throughout the Midwest, Southern and Eastern regions.”

SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is the largest privately held land developer in the U.S. For more information, visit www.suncal.com.