To Top

Tag Archive: development

  1. White Oaks Development Continues Expansion

    Comments Off on White Oaks Development Continues Expansion

    The White Oaks development in Bridgeport, located just off the Jerry Drove Exit on Interstate 79, continues to grow and expand as more offices, retail locations and other businesses open their doors. The 472-acre business park has seen a flurry of construction activity over the past year, and developers plan to soon announce details of new projects planned there, said Austin Thrasher, White Oaks project manager. “Here pretty soon I think we’re going to have an announcement for some more earthworks construction going on for White Oaks that will develop some more pad space,” he said. “I would expect that we’ll probably be pulling the trigger within the next month and making that announcement.”

    The most recent additions to White Oaks include a 3,300-square-foot Clear Mountain Bank location and an 8,749-square-foot commercial building that houses a Starbucks and several other businesses, Thrasher said. “We’ve got the bank, and then the retail (building), with Starbucks, Elegant Nails and Bridgeport Physical Therapy that have all moved into there,” he said. “Then down the hill below TGI Friday’s we have Regional Eye Associates that just opened up there. We’ve also got Tenmile Land, a land company that opened up right across from Steptoe and Johnson.”

    David Thomas, Clear Mountain Bank’s CEO and president, said White Oaks was chosen to house the branch due to is central location. “The White Oaks community is just so vibrant right now,” Thomas said. “There is a lot of activity going on and a lot of businesses around. From that perspective, it was a big draw to provide easy access to our customers.” A multi million-dollar facility that will provide living space for senior citizens, which will be called The Crossings at Bridgeport, is also under construction and is expected to be completed next year, Thrasher said. Aubury Holmes, development manager for Smith/Packett, a senior housing and care development company based in Virginia that will operate the facility, said it will provide a variety of accommodations and services. “This will be a 94,629-square-foot senior living community with assisted living and memory care,” she said. “There will be several amenities, including physical therapy, exercise room, theater, bistro, activity space, outdoor courtyards and walking paths, van transportation to transport residents to activities within the community and a central kitchen with three meals day.” The project has a total budget of approximately $23.15 million, Holmes said.

    White Oaks, which was founded in 2008, has kept pace with its developers’ expectations for growth, Thrasher said. “It’s been very exciting for us. It’s definitely picked up pace since the development started,” he said. “It has done what I think everybody hoped it would do from the beginning. Over the last year and half or two years it seems like it has really picked up some speed.” The addition of direct flights to Washington, D.C., and Chicago out of the nearby North Central West Virginia Airport has contributed to White Oaks’ continued growth, Thrasher said. “I certainly don’t think it has hurt,” he said. “I know a lot of people with some existing businesses there have been using that a lot. I think it has serviced our area really well.” “That whole area out there has really been great for the city of Bridgeport and for the county and for North Central West Virginia,” Bridgeport Mayor Andy Lang said. “I think that it’s great they are going to continue to expand.”

    The development is divided into three sections, or “phases,” Thrasher said. “In Phase 1, which is where you see most of the buildings, we are closing in toward kind of the end remaining parcels,” he said. “Phase 2 starts with the Thrasher building and goes down to where the assisted living facility will be. They are really kicking off Phase 2 as the first people jumping in there.” In Phase 3, which is still largely vacant, developers estimate White Oaks will continue along its current growth trajectory for the next couple of decades, Thrasher said. “There is probably 20 more years worth of development to happen,” he said. “That’s the plan going forward: To build it out and hope they keep coming.”

    Article By: Charles Young, The Exponent Telegram 

    Interested in White Oaks Business Park? Click here to view the detailed marketing flyer.

  2. Development at Fairmont’s old Owens-Illinois site underway

    Leave a Comment

    After 30 years of inactivity, the site of the old Owens-Illinois glass factory is finally seeing new development, as a Morgantown developer has committed to reinvigorating what’s now being called the Speedway Business Park.

    In 2015, Merit Development, LLC purchased the land in east Fairmont with hopes to capitalize on the growing economic status of North Central West Virginia, according to Merit Development President Tom Laurita.

    “With the growth of Morgantown and the Bridgeport/Clarksburg area, we felt that Fairmont has become sort of a sweet spot and is in a position to experience growth in the near future,” Laurita said.

    In the years since the purchase of the property, Laurita and Merit Development Asset Manager Russell Bolyard said that plenty of behind-the-scenes work has been underway, despite development itself not starting until June 1 of this year.

    “We’re really still in the early preliminary stages of development,” Bolyard said. “We’re moving the earth. There was a lot of prep work since 2015 that went into the permitting and the cleanup of the site to prepare it for constriction … All of that work had to be done in order to start the earth work…

    “It was a good bit of work. There was testing and the studying of the area, and then the development of the cleanup plan and the cleanup. It took about two years. We got our final completion report in late January of this year,” he said.

    In addition, Fairmont City Planner Sandra Scaffidi said Merit has been doing some heavy work to make sure that, once completed, the park won’t be affected by heavy rainfall or flooding.

    “They’ve been working with FEMA to change the flood-way there to create more developable land,” Scaffidi said. “There’s a channel that runs right through the property, Originally, it was wide and shallow, so now they’re making it narrower and deeper. It’ll retain the same amount of water, but create more developable land.”

    Bolyard said that Merit is about 25 or 30 percent finished with the earth-moving, with hopes to be fully completed with this phase of development by the end of autumn.

    The development, Bolyard said, would be a huge boom to the area, bringing in businesses, jobs and hope to Fairmont.

    “The area is zoned industrial right now, and so it a commercial aspect to that and light industrial work could be done there,” Bolyard said. “We hope to attract business that will improve that area. We’re hoping to provide more jobs and be an asset to Fairmont.”

    Scaffidi agreed, and said that the park, once completed, could change the face of the east side for the better.

    “Aside from bringing quality jobs into our area and increasing our tax base, they are reusing a piece of land that was considered a Brownfields site,” Scaffidi said. “We can’t make new land in Fairmont, so we have to reuse what we have. I think they are creating a whole new energy on east side, putting new businesses there and encouraging new development.”

    Earlier in July, Bolyard and Laurita attended a Fairmont City Council meeting, hoping the city would go along with their plan to name the park’s future roads Glass Avenue, Bottle Works Avenue and Progress Street, each named in dedication to the work done at the site before Merit’s involvement. The council unanimously passed the ordinance to name the streets.

    “The actual naming is a play on the historical significance of the site with the Owens-Illinois glass factory,” Laurita said. “It was a major employer at one time, and there’s a lot of history in glass-making on that site, so we saw the history and decided to continue that and make sure people remember what was there and how great it once was. Hopefully, we can bring it back.”

    Bolyard shared his sentiment, and said that with the new park, they hope to bring the site back to its former glory.

    “It was a productive area at one time,” Bolyard said. “Over 1,000 people were employed there. We actually named one of the streets that will go in there ‘Progress Avenue.’We’re working with the city to bring that area back into a progressive state. It was dormant for over 30 years. We hope people tolerate us while we’re here doing the work so we can bring it back into a progressive state.”

    While the park is still a long way from completion, work is being done every day, and Laurita said that soon Fairmont will be treated to a high quality, well-maintained business park.

    “I hope it becomes a fully developed, vibrant community business park — a place where Fairmont residents can have a place to work and hopefully shop and whatever they need to do in the area. We can create a vibrant community once again on the east side.”

     

    Staff writer John Mark Shaver can be reached at 304-844-8485 or jshaver@theet.com.

  3. 2017 Sectors In Demand

    Comments Off on 2017 Sectors In Demand

    Our team is often asked, “How is the market?” Some brokers may respond with a generic, “good”. If you are interested in a general response, we are happy to report the market is currently “great.” Black Diamond Realty’s pipeline is the busiest it has been in its four-year history. That said, we suspect you are more interested in a sophisticated, detailed response. Look no further; we have your answers.

    What…. Sectors?

    At Black Diamond Realty, one of our competitive advantages is our thorough and detailed process. We track every single lead. This allows us to present you with accurate statistics that serve as a reflection of market demand across all sectors. Keep in mind our statistics are influenced by Black Diamond Realty’s current inventory of assets. The following statistics provide the number of sector leads since January 1, 2017:

    Industrial = 83        Office = 59         Retail/Restaurant = 58         Land = 32        Investment = 32

     

    Why… Macro vs Micro?

    Do you believe in the mantra that tells you to focus on what you can control? We do, too. However, we also believe it is not wise to bury your head in the sand. It is critical to think about how macroeconomic factors influence regional market demand. Two positive influencers are currently in play.

    Historically speaking, interest rates remain near all-time lows. This bodes well for investors looking to get into investment opportunities. Although cash is king, we are seeing a lot of companies and individuals levering up to take advantage of favorable bank rates. Refinances have flocked through banks’ doors. Sellers also like low interest rates because funds are cheaper to secure which results in higher valuations while still clearing bank debt-coverage ratios.

    The second macroeconomic factor relates to the reenergization (pun intended) of Marcellus Shale activity. Oil and gas pricing is fluid, literally and figuratively. Pricing has seen nominal rises over the past 12 months. However, recent industrial space demand leads us to believe many companies on the front lines sense prices moving north in the coming years. We suspect their goal is to get established in this area while industrial real estate values are still relatively inexpensive. This will heighten their ability to capture the market and capitalize on contracts as things ramp up. Many articles reference cracker plants and pipelines as the saving grace to lowering the current supply glut. These two variables are currently progressing in a very big way. The O&G industry has potential to replace job losses from coal. Time will tell if this is a long-term regional industrial revolution.

    Where?… Concentrated Areas of Development

    Jobs drive economic growth, and there are plenty of jobs coming to two booming exits along the I-79 corridor. University Town Center/West Ridge and White Oaks Business Parks are the two distinct front runners when considering development hubs in north central WV. University Town Center and WestRidge, both located at I-79, Exit 153, lead the charge as driving forces behind retail and office development in Monongalia County. Simply put, this new exit has created significant buzz in Monongalia County which is expected to remain in play for the next three to five years. A lot of announcements will happen in the coming months. 2018 is slated to be a heavy construction year for this development.

    Thirty miles south of Morgantown, White Oaks Business Park is leading the development charge for Harrison County. Numerous Class A office buildings, spanning a plethora of services, hotels, retail space and several restaurants round out the line-up for this state-of-the-art development. White Oaks is an upscale development, which includes sidewalks throughout and pristine landscaping, while serving as “the talk” of Harrison County as it capitalizes on close proximity to the interstate, UHC and FBI’s Campus. Growth and positive economic announcements are projected to continue in the coming years.