Two major development projects are underway in North Woodbridge in Prince William County, totaling a near $930 million investment in revitalization efforts.
The Caruthers Companies filed an application for rezoning the $550 million, 170-acre parcel of the Belmont Bay development that will create a public waterfront by the Marina District. The application is expected to be approved in 2022, and the project is anticipated to be completed over the next ten years.
IDI Group partnered with Boosalis Properties on the 19.3-acre North Woodbridge Town Center, expected to bring nearly $380 million in capital investment to the area. The project recently received a $750,000 grant from Prince William County’s Economic Development Opportunity Fund to aid in the development of non-income producing land.
Both projects corroborate the goals of the county’s North Woodbridge Small Area Plan, a revitalization plan that aims to bring new housing and businesses to the area, and to spur investment in the area’s schools and parks.
The undeveloped portion of Belmont Bay, formerly the Osprey’s Landing Golf Course, is in its final phase of the planned $550 million development. The project began with the purchase of the land in the 1960s, began active development in the 1990s, and is in the process of being finished today.
“We are thrilled to move forward with the application and have our project become a catalyst for North Woodbridge,” Preston Miller, principal at The Caruthers Companies, said in a press release.
North Woodbridge in Prince William County is located close to Arlington and Washington, in an area that’s been historically underutilized but shows great potential for economic growth. The private sector’s investment in the area corroborates the goals of the County’s revitalization plan.
“It’s no coincidence the launch of the county’s new redevelopment efforts comes immediately after adoption of our new Small Area Plan,” Ann Wheeler, Chair, Prince William Board of County Supervisors said in a press release. “It’s exciting to see the opportunities to revitalize North Woodbridge come to life.”
Feature image courtesy Belmont Bay
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