Printer-Friendly
Email this Story
Post a Comment (0)
Developer of Ritz-Carlton community replaced
One of the developers behind the luxurious Ritz-Carlton Creighton Farms community rising south of Leesburg is no longer part of the project, a spokesperson and sources confirmed.
Fidelity Real Estate Group this spring took ownership of Creighton Farms' developer Juno Properties LLC, giving Fidelity day-to-day control over the exclusive housing development off U.S. 15.
“Fidelity Real Estate Group has elected to exercise its contractual right to assume ownership of Juno,” said Fidelity spokesman Alexi Maravel, adding that a company called Southworth Development LLC has been appointed to manage sales and development at Creighton Farms. Ritz-Carlton will remain involved in the project.
"We believe this new leadership team is best suited to oversee the project as it moves from the construction to the operational phase," Maravel said.
He stressed the change has nothing to do with the current state of the housing market.
Creighton Farms garnered a great deal of attention a couple years ago when word of its promised opulence surfaced. At 900 acres, the gated community was being developed jointly by Juno and Loudoun-based Creighton Enterprises. Luxury-hotel company Ritz-Carlton signed on to provide many of Creighton Farms' pricey amenities, including a restaurant, a private security force and concierge services.
A Jack Nicklaus-designed golf course also is part of the community, which someday will include up to 180 custom homes ranging in price from $815,000 to $2 million. To date, about 30 3- to 6-acre lots have sold.
Fidelity Real Estate Group has been an investor in development since 2005, Maravel explained. The group falls under the umbrella of Boston's Fidelity Investments, the nation's largest mutual fund company.
When asked of the change in developers, the sales office at Creighton Farms directed calls to Fidelity and Juno.
Juno's president, Ira Fenton, declined comment. While Allison Sitch, a spokesperson for Ritz-Carlton, said the company does not comment on its communities' developers.
On April 4, the community disabled its Web site. It was unclear if this was related to Fidelity's action. The site will eventually be replaced by a redesigned version, according to sales office staff.
Creighton Farms is to host a charity golf tournament on May 19 to benefit the youth of Loudoun.
Contact the reporter at jjacks@timespapers.com
You must be logged in to post a comment.