Westport Development Moving Forward…

May 13, 2013 By mrwilliamsburg

On May14th,The James City County Board of Supervisors will consider a contract award to Meridian Land Company to complete the infrastructure at the failed Westport subdivision off of Centerville Rd across from Fords Colony

The Westport development has been sitting idle for a number of years now. Its grand opening was in May of 2008. Amazingly nine lots were sold without any roads or infrastructure being built. The community is composed of 102 lots between three to five acres in size.

Realtec Incorporated , the original developer of Ford’s Colony and Westport took out a surety bond with Fidelity and Deposit Company of Maryland in the amount of $2,245,000 . Realtec failed to complete necessary infrastructure for the development and the property was foreclosed upon by Meridian Land Corporation, LLC

On February 28, 2012, the County entered into an agreement with Realtec and Meridian Land Corporation, to establish a framework for completion of Westport contingent upon the County’s receipt of the bond proceeds.

As a result of Realtec’s failure to complete the infrastructure, the County made demand on F&D for the bond proceeds. F&D assumed full responsibility and the County has received the full bond proceeds of $2,245,000.

Using the bond proceeds,the County wishes to enter into an agreement with Meridian, to perform work on the infrastructure

Apparently the bonds were not large enough to cover the planned infrastructure improvements which include a costly well facility. Meridian will contribute the funds necessary in excess of the bond proceeds for the completion of Westport

Meridian estimates final completion of the infrastructure, including those portions not paid by the bond proceeds to be finished by December 31, 2014.

Westport Location

About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attended Lafayette High School ,Hornsby Middle School and DJ Montague and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with friends family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136