Republic is currently leading the master planning and master development efforts for a major, multi-phase community development on the corridor between Richmond and Historic Williamsburg, Virginia. At build-out, this master-planned community, which is being developed in partnership with Boddie-Noell Enterprises, Inc. and Kitty Hawk Land Company, is initially planned to include 2,500 homes, including a major Four Seasons-branded, active-adult retirement community with K. Hovnanian Homes as the exclusive builder, a variety of market-rate housing opportunities, estate homes, a signature golf course, vineyards, a winery, country inn, a village center and over 650,000 square feet of retail and office space. Numerous community amenities will complement the vast open spaces that will be preserved within and around this signature development. Additional land is also controlled by the development partnership, which will allow for further expansion of the program over the coming years as well.

Build-out of the residential will likely take 8-10 years and infrastructure construction has just commenced for with the award of contracts for a one million gallon water storage tank, deep aquifer wells, major trunk sewer line installation and the construction of a major, rural parkway with roundabout intersections at the entry points to each area of the project as the signature welcoming feature of the development.  Lot deliveries are expected to start in late 2007 with homes anticipated in early 2008.

Republic led the efforts to form the Farms of New Kent Community Development Authority, which sold the largest land-secured bond issue in the state of Virginia’s history for the New Kent Vineyards project, in which $85.7 million in Special Assessment Bonds were sold.  This financing will enable the county to finance the completion of a major upgrade in its sewage treatment and trunk sewer lines, which will provide a framework for additional economic development and growth in the county.

The Farms of New Kent bond proceeds will be used to develop public infrastructure for the tax district, which is approximately 2,113 acres and located 30 miles east of Richmond. The community eventually will feature 2,500 homes, 650,000 square feet of retail and commercial space, and tourist and recreational amenities, including a working vineyard and an 18-hole championship golf course.

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