News | 4 min read
Chesterfield County acquires 2,000+ acres for future development
December 28, 2020
News | 4 min read
December 28, 2020
At their regular meeting on December 16, 2020, the Board of Supervisors voted unanimously to provide funding to the Chesterfield County Economic Development Authority (EDA) for the pursuit of future economic development opportunities.
Chair Leslie Haley stated, “There are precious few large acreage sites in Chesterfield for the county to better manage growth and focus on jobs-centric opportunities and related amenities. The EDA should continue, with deliberate speed, negotiations with willing sellers for the next opportunities.”
With such funding, the EDA has purchased 2,057 acres in western Chesterfield, known as Upper Magnolia, from Salvatore Cangiano for $13 million.
Upper Magnolia was previously approved in 1991 for a 1,336-unit residential development and includes land for the Cold Creek subdivision, which is approved for 311 single-family building lots.
With this EDA transaction, such previously approved zoning would now be the county’s to control and better manage. John Cogbill, Chair of the EDA stated, “The value of an EDA in having so many good business relationships and knowing the vision of the Board enables it to act professionally and swiftly, and we look forward to working with the citizens and county further in shaping long-term plans for this great area.”
The property has been marketed to receptive buyers at prices higher than the county’s offer, but through the efforts of the EDA and a shared vision of the property owner, an agreed-upon price was negotiated.
“The Board of Supervisors’ swift action to throttle back expenses at the onset of COVID created one-time savings in the FY20 budget that are now being reinvested to acquire an asset that will further strengthen the county’s financial position for decades to come,” said Matt Harris, Deputy County Administrator.
This purchase is a long-term investment for the land use planning of this important area of the county. The property includes a large section of the right of way needed for the extension of the Powhite Parkway to Hull Street and several important intersections.
This is a key parcel in determining how this area of Chesterfield will look in 10 to 20 years.
The purchase allows the county control so it can:
Extensive engineering on the infrastructure and roads serving the property, including Otterdale Road, had already been performed by the prior property owner. Related improvements to Otterdale Road have recently been funded and incorporated into Board approved plans to alleviate flooding currently being experienced. Additional funding and plans are also being pursued for full remedy.
“Upper Magnolia represents one of the best opportunities for us to regain control over the current large-scale traditional residential development to plan for better land use options, including creating quality jobs so more of our citizens can locally commute shorter distances,” said Joe Casey, County Administrator.
Kevin Carroll, Board Supervisor of the Matoaca District, where the property is located, stated, “Purchase of this property, under such favorable terms, allows us to begin to solve some of the issues in this area while presenting a tremendous opportunity for exceptional long-term community planning, public facilities and amenities in the future through public processes.”
About Chesterfield Economic Development
Chesterfield Economic Development works on a free and confidential basis with domestic and foreign companies planning to establish new facilities, relocate existing facilities, or expand current facilities. The department also assists existing businesses and industries already located in Chesterfield with any business-related issues. CED staff members will assist with site selection requirements, information and research needs, public relations and relocation services, small business issues, or streamlining regulatory processes.
Chesterfield Economic Development
Contact: Garrett Hart
Phone: (804) 318-8550