A developer is jump-starting a stalled development with a $22 million plan.
John Adamson, acting as Maidstone Village LLC, is acquiring Maidstone, a mixed-use development in New Kent County, VA that faltered through lack of financing, bankruptcy and ultimately foreclosure. Adamson will downsize the project but maintain previous owner Grosjean “John” Crump’s vision of a traditional English village that puts government buildings, schools and churches within walking distance.
“I think that John Crump had an admirable vision for the project, and I think he definitely wanted to leave a positive footprint on New Kent with this particular development,” Adamson said. “We’re putting a slight twist on what he initially had envisioned.”
The new plans call for about 50 single-family homes, down from the original 70 townhouses Crump had planned, and 50,000 square feet of commercial space on New Kent Highway. Joyner Commercial’s Jon Beckner, who brokered the Maidstone purchase on Adamson’s behalf, expects the development to cost about $22 million.
Talks are ongoing with Virginia Beach-based J.F. Schoch Building Corp. to build the houses at Maidstone. Schoch will buy the individual lots before construction. The finished homes are projected to sell for $195,000 to $235,000
Psst. I’m a Williamsburg/ Richmond and Hampton Roads VA real estate agent.
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