Walton Enters into Agreement with NVR to Build Homes at Westphalia Town Center
- Nov 18, 2013
The Walton Group of Cos. broke ground earlier this year on the massive Westphalia Town Center in Upper Marlboro, Md. Now, the Canadian developer has signed Reston-based NVR Inc. as the first residential homebuilder for the the master-planned, mixed-use community.
Walton Group acquired the 479-acre site in February 2012. According to Prince George’s County land records, it paid $29.5 million to Wells Fargo & Co. for the land. The Canadian company broke ground on the project this June.
Westphalia Town Center is one of the largest commercial real estate developments in Prince George’s County to date. When finished, it will deliver approximately 66 single-family homes, 779 townhomes, 884 rental apartments, 533,759 square feet of retail space, 2.2 million square feet of office space and 600 hotel rooms. The project also includes an elementary school and a fire and rescue facility. It will be developed in three stages over seven years.
Under the agreement, NVR has acquired 148 out of 348 townhome lots planned for the project’s first phase. No financial details for the transaction were disclosed. Phase I, including NVR’s townhomes, is expected to be completed in early 2014. It calls for the development of about 110 acres of land and features 348 townhomes, 400 rental apartments, 500,000 square feet of retail space and 150 hotel rooms.
“Walton is committed to offering a variety of residential properties at Westphalia Town Center, and we’re excited that NVR has chosen to partner with us,” John Vick, president of Walton Development & Management’s Eastern USA division, said in a statement for the press. “We look forward to announcing additional partnerships in the near future as we work with Prince George’s County to create a vibrant community at Westphalia.”
Walton expects the Westphalia Town Center development to boost the local economy. In a news release, the company said it expects the project to create 15,000 permanent office and retail jobs and to bring about $21 million in taxes to Prince George’s County. Walton manages 3,500 acres of land in the state of Maryland; 2,900 acres are located in Prince George’s County. The Canadian company will invest more than $1.3 billion to completely develop its holdings in Prince George’s County and to support an annual average of more than 900 jobs during the construction period.
Photo credits: The Walton Group of Cos.