Innovative development to combine retail, residential and lifestyle center
Waterford Park, LLC today announced that it has hired JLL(NYSE:JLL) as the exclusive listing agent for its mixed-use development in western Chesterfield County. Waterford Park is a 105-acre site that will feature office, retail, residential and restaurant space along with an active lifestyle center to include a man-made lake with water activities, amphitheater and boardwalk. It promises to be one of the most unique attractions in the Mid-Atlantic.
“Very rarely do we see a development so transformative in its vision. As we’ve spent time discussing the project with interested parties, we’ve been met with an overwhelmingly positive response. People recognize that this is an entirely new concept and see real potential here,” said Tom Dunn, Vice President, JLL. “Coupled with the confidence that comes from an ownership team that is known for its shrewd business sense, this innovative project will be a real economic driver for this market.”
The centerpiece of Waterford Park will be a large, man-made lake for cable skiing, kayaking and other water activities with a separate area for whitewater rafting, a zip line, a ropes course, a climbing wall and an amphitheater to host concerts. It will also include a boardwalk with restaurants and retail shops, as well as a residential component with apartments and townhomes. The current plan calls for 500,000 square feet of commercial space and as many as 790 multifamily residential units.
The development is modeled after the U.S. National Whitewater Center that opened 10 years ago in Charlotte, N.C. That 700-acre park is an outdoor recreation and training facility for whitewater rafting, kayaking, canoeing, rock climbing, mountain biking and hiking. Although on a much smaller scale, the Waterford Park seeks to emulate the whitewater center’s impact as a local tourist attraction while incorporating a retail and residential component that will make it more of a community rather than just a destination.
The owners, Derek Cha, founder of the Sweet Frog frozen yogurt chain, and his partner, developer Brett Burkhart have worked to include the neighboring communities in the planning process and have incorporated upgrades to intersections and road systems nearby to ease potential traffic impacts. Area residents will be able to take advantage of a series of new bike and hiking trails through the park.
“Chesterfield County is alive with lots of possibilities right now. A development like this one will bring jobs, investment and tourism interest that can lift the whole area,” said Cha. “We’re so enthusiastic about the possibilities that we’ve recently acquired an additional 30 acres to enlarge the footprint of this project to include all of the amenities we’ve envisioned.”
The JLL has been selected as exclusive brokerage team for the office and retails components of the project. The JLL team is comprised Charlie Polk, Tom Dunn, Jimmy Appich and Greg Ferrante.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
