The developer of the largest planned subdivision in Caroline County is getting a new investment partner based in Florida.
John Clark, who wants to build 4,000 homes in the Haymount subdivision, is teaming with Avanti Properties Group to keep his residential, commercial and retail plans on track.
County land records show that Haymount (Fredericksburg) ASLI V, LLLP, bought into the Haymount project in May for $21.5 million.
On Friday, Clark confirmed that his new investor is Avanti Properties. He said while the group holds the property title and will serve as the managing partner for Haymount, profits will be split "50-50" when the development is complete.
"We're assessing the marketplace and as conditions improve and consumers get back in the home buying mode and things stabilize, we will begin construction again," Clark said. "It's anybody's guess when that will be.
The 1,600-acre project was approved in 1992, and while there are no homes built on the property, aside from his own, Clark said infrastructure work has been ongoing. He said water systems and grading for the first 237 lots are 80 percent to 85 percent complete.
Before the downturn in the real-estate market, Clark said, he had regional and national builders lined up for home construction on 1,500 lots.
"We fully expect builders to return when business conditions for them improve."
On its Web site, Avanti Investment Advisors Inc. bills itself as the "largest investment firm exclusively dedicated to land investment" in the U.S. The site lists Washington and Richmond as "target markets" for land investment, along with a 662-acre development in Loudoun County as one of its projects.
Corey Byers: 540/735-1976
Email: cbyers@freelancestar.com