Good new for Stonehouse!
After some lengthy negotiations, the Board of Directors for the Association at Stonehouse ( Stonehouse Homeowners Association) has come to tentative agreements with both SCP-JTL Stonehouse (the Developer for Land Bay 5) and Mr. Joe Sanders (the potential purchaser of the Stonehouse Golf Course). Certain actions under the Land Bay 5 agreement will require a vote of the community. Additional information will be forthcoming, however, a summary of the key provisions is below.
This is an update supplied by Cliff MacDonald, President, Board of Directors, The Association at Stonehouse, Inc.
Stonehouse Golf Course along with sister clubs Brickshire and Royal New Kent were put up for sale by their shared owner, Traditional Golf Properties. Stonehouse shut down towards the end of 2017 along with Royal New Kent. Brickshire, which has remained open, was purchased in March by the Brickshire homeowners association for $2 million.
Royal New Kent Golf Club was sold in June of 2018 to Greenville, South Carolina-based Wingfield Golf. The company also owns the nearby Club at Viniterra and manages neighboring Brickshire Golf Club.
Traditional Golf has owned Royal New Kent and Stonehouse since 2001. It paid $5 million for each course that year, according to county real estate records. It has owned Brickshire since 2010, paying $425,000 for the course.
Regarding Land Bay 5:
- The Developer will transfer Land Bays 3, 8, and 14 to the Association at Stonehouse in exchange for the Association at Stonehouse agreeing on density transfers and the parties agreeing that the homes developed on Land Bay 5 will not be a part of the Association at Stonehouse. Land Bay 3 is an 18+ acre property on the left side of Fieldstone Parkway as you enter Stonehouse, Land Bay 8 is the 5+ acre property immediately on your right as you turn onto Mill Pond Run, and Land Bay 14 is a 60+ acre property at the end of Heartwood Crossing. Land Bay 5 is the 78+ acre property directly across Fieldstone Parkway as you are leaving out of Mill Pond. A map is attached to assist you in identifying the locations. Any future development in Land Bay 5 will not be part of our Association at Stonehouse but will be part of the future Stonehouse Glen Association.
- The Developer will continue to contribute $35K to the maintenance of Fieldstone Parkway for 5 years or until Land Bay 5 is complete and thereafter will contribute $20k in perpetuity.
- Ryan Homes will not be the developer in Land Bay 5. Land Bay 5 may contain single family homes, townhomes, and villas. Lighting and signage will be comparable to Mill Pond.
- The vote of the community is required to accept the Deed of Gift for the transfer of Land Bays 3, 8, and 14 to the Association, and for a Supplemental Declaration to add those properties to the Declaration as Common Areas. Provided the community approves those actions permitting us to approve the Land Bay 5 Agreement, the Developer will contribute to Mr. Sanders, $100K towards the purchase of the Tradition Property. (Note: the $100K will reduce the amount of money Mr. Sanders wanted from the Association as pre-payment for irrigation water).
- The Association will work in good faith to support the developer in achieving the rezoning/proffer actions required by the County for future development of Land Bay 5.
Regarding the Tradition Property:
- Mr. Sanders submitted a proposal to the bank holding the property mortgage to purchase the Tradition Property. The proposal is contingent upon several things including a $250K pre-payment from the Association at Stonehouse for 10 years of irrigation water for Fieldstone Parkway. We were able to successfully negotiate a reduced amount of $225K, which will be reduced by $100K from the Developer. This leaves us with a $125K prepayment for 10 years of water, which is no increase from current costs. It will be paid in two increments of $62.5K—the first when we initially receive water and the second installment one year later. We plan to pay for this by borrowing from our contingency funds and repaying ourselves using the funds already budgeted for irrigation water. We do not anticipate any special assessment or increase in assessments resulting from this transaction. We have an agreement that the cost charged to the Association at Stonehouse for future irrigation water after the 10 years that we prepay shall not exceed 75% of the then commercial rate being charged by JCSA.
- Mr. Sanders has agreed to place land parcel 0440100022 (land containing the 9th hole on the Tradition Property) as collateral should the rehabilitation effort fail.
- The bank has accepted Mr. Sanders offer but there remain several legal issues to be resolved so the timing still remains unknown.
Interdependencies between Land Bay 5 and Tradition Property:
Mr. Sanders’ purchase of the Tradition Property is currently dependent on a number of contingencies including our agreeing to terms on the $225K pre-payment of water. The $100K contribution from the developer (SCT-JTL) is dependent on the Association approving the Land Bay 5 Agreement, including the community vote as stated above. If we do not approve the Land Bay 5 Agreement, for the Sander’s purchase of the Tradition Property to proceed, we will have to either pay the additional $100K ourselves and/or go back to the drawing board for both agreements.
Summary—The Developer has made a generous offer to gain our approval for his plans for the development of Land Bay 5. Mr. Sanders is prepared to purchase the Tradition Property and plans to rehabilitate the property and operate it as a golf course. If the Association approves the agreement with SCP-JTL Stonehouse, we can expect to see the return of the golf course and stability regarding future development in Mill Pond. The Association plans to leave Land Bays 3, 8, and 14 as green space.
A town hall meeting will be scheduled for property owners to answer their questions and then ask for them to vote on the proposal.
Psst, Mr Williamsburg is a different sort of real estate agent.
This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads/ Richmond VA area and his expertise helping buyers and sellers in the local real estate market.
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