Nov 11 2013
The Walton Group of Companies (Walton), a family-owned, real estate investment, planning, and development group in Maryland and Virginia, with U.S. headquarters in Scottsdale, Arizona, announced today that it has entered into an agreement with NVR, Inc. to build townhomes at Westphalia Town Center in Upper Marlboro, Maryland.
This is the first agreement Walton has made with a builder for Westphalia Town Center. Under the agreement, NVR, Inc. has purchased 148 out of 348 townhome lots planned for Phase I of the master planned, mixed-use community.
The 479-acre Westphalia Town Center is Walton’s first development in Maryland and one of the largest commercial real estate developments in Prince George’s County to date. Upon completion, Westphalia is expected to offer diverse residential options, including single-family homes, townhomes, and apartments. The development also will feature an elementary school, fire and rescue facility, shopping and restaurants, commercial office space, as well as a hotel.
“Walton is committed to offering a variety of residential properties at Westphalia Town Center, and we’re excited that NVR has chosen to partner with us,” said John Vick, President of Walton Development & Management, Eastern USA. “We look forward to announcing additional partnerships in the near future as we work with Prince George’s County to create a vibrant community at Westphalia.”
Construction at Westphalia began earlier this summer following a groundbreaking ceremony with Lt. Governor Anthony Brown and County Executive Rushern L. Baker III. Phase I work, including the townhome lots that NVR will develop, is projected to be completed in early 2014. Westphalia Town Center is expected to deliver a significant economic boost to the region, with a projected 15,000 permanent office and retail jobs, as well as $21 million in county taxes.
Walton manages approximately 3,500 acres of land in Maryland, including 2,900 acres in Prince George’s County. Construction-related spending to completely develop Walton’s Prince George’s County holdings is estimated to be more than $1.3 billion and is estimated to directly support an annual average of more than 900 jobs during the construction period.
About Walton
The Walton Group of Companies (Walton) is a family-owned, multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors. With nearly 78,000 acres of land under administration and management, Walton is one of North America’s premier land asset administrators and managers.
Walton has been in business for over 30 years. We take a long-term approach to land planning and development. Our industry-leading expertise in real estate investment, land planning and development uniquely positions Walton to responsibly transition land into sustainable communities where people live, work and play.
Our communities are comprehensively designed in collaboration with local residents for the benefit of all community stakeholders. Our goal is to build communities that will stand the test of time: hometowns for present and future generations.
Source: http://www.waltoninternational.com/