Saturday January 18, 2014's Richmond Times-Dispatch featured an article about our latest community in Chester, Virginia - The Pointe at Magnolia Lakes
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Builder plans to restart stalled project in Chesterfield
Cornerstone Homes could begin work as early as March
BY CAROL HAZARD Richmond Times-Dispatch
A new owner and plan have emerged for a residential project in Chesterfield County that barely got off the ground during the housing downturn.
Cornerstone Homes LLC recently closed on The Pointe at Magnolia Lakes, a 30-acre development at Iron Bridge and Chalkley roads, buying it out of foreclosure for an undisclosed price.
Roger A. Glover III, founder of Henrico County-based Cornerstone Homes, said this week he plans to finish the project.
“The original concept is very good,” Glover said. “I plan to take two or three of the most popular plans and supplement it with our plans.”
The community was designed for 180 residential units, including 130 condominiums and 50 single-family detached homes.
But only 28 condos plus a clubhouse and pool were built when development stopped more than two years ago.
Glover said he negotiated directly with BB&T Corp., which took the property back from Tascon Group, the original developer, in 2011. Tascon was absorbed by Henrico-based Eagle Construction of Virginia during the housing downturn.
The project, which comes with 106 ready-to-build lots, is designed for empty nesters and retirees, but the community is not age restricted. There are four single-story attached condo units in a building.
Glover said he will concentrate first on building more condos before turning his attention possibly next year to single-family detached houses. He also plans to add landscaping and enhance access to the lakes.
He said he will start construction as early as March and have the first units ready by November. Units will be 1,500 square feet to 2,400 square feet and start in the low $200,000s.
“Residents want more houses,” Glover said. “They want more neighbors and they want the project to be completed.”
“We are delighted,” said Ed Newman, who retired and moved with his wife, Carolyn, into the community in June 2011, a couple of months before the project went into default.
“We knew someone along the way would come and finish the community but it took longer than I thought it would,” Newman said. Four prospective builders considered taking on the project, but the deals never materialized, he said.
Glover’s plan, he said, won unanimous approval of the residents. “Everybody here gets along well. We had 100 percent agreement.”
Chesterfield Planning Director Kirk Turner said the county would like to see the project finished. “It would be nice to see it completed,” he said, adding that development activity is picking up in the county.
Turner said Chesterfield is looking at its first residential rezoning application in years, one near Woolridge Road.
Also, Roseland, a huge residential and commercial project near state Route 288 at Woolridge Road, emerged from bankruptcy protection last fall.
Glover said he worked with the original developer for Magnolia Lakes to ensure that the project will be finished in the way it was envisioned.
He is finishing a similar community in Roanoke that he bought out of foreclosure in 2010.
He also plans to start an age-restricted community with 130 homes and townhomes in Fredericksburg.
His company received approval for the Fredericksburg project in 2008, but it never got off the ground. The new plan required rezoning.
Glover, 52, received his law degree and master’s in business administration from the University of Richmond in 1988.
Involved in real estate development for 25 years, he has built more than 1,000 homes in 13 communities in Virginia, North Carolina, Tennessee and Louisiana.