BRIDGEPORT, W.Va., Oct. 11, 2012 /PRNewswire/ -- Jones Lang LaSalle and developer Genesis Partners today announced an alliance to develop the 1,700-acre Charles Pointe to its full potential – West Virginia's largest master-planned community and believed to be the largest public-private partnership in the United States.
The $1.4 billion development is already transforming the landscape of the state's I-79 High Tech Corridor. To date, Genesis Partners has developed more than 250,000 square feet of commercial/office/retail space, two hotels and a conference center, recreational facilities, educational facilities, community parks, and more than 200 residential units.
Already in place to support the future planned development are 22 miles of utility infrastructure and 4.7 miles of roads. At full build-out of the master plan, Charles Pointe will support more than 28,000 direct and indirect jobs. Jones Lang LaSalle and Genesis Partners are serving jointly as project development manager and lead brokerage team for the continuation and completion of the work at Charles Pointe.
"By securing one of the country's largest TIFs for this type of development, investing private dollars, and contributing hundreds of acres of land to the community and project itself, Genesis Partners and the government of West Virginia have shown that joining together for the betterment of the community works," said Pete Dordick, Vice President at Jones Lang LaSalle and Project Executive for Charles Pointe. "They have completed infrastructure development on-site, and we are excited to help Charles Pointe become an even stronger economic engine for the region."
Central West Virginia and Bridgeport are now home to oil and gas companies, governmental agencies, biometric initiatives, schools/colleges, state of the art healthcare facilities, high-tech and life-science companies, and the currently under expansion, North Central West Virginia Airport (CKB).
"It's not often you see such a unique and diverse mix of industries from high tech, to oil and gas - from health care to commercial and retail, all in one region," said Michael Elliott, Jones Lang LaSalle's lead leasing agent for Charles Pointe. "With the dynamic growth of the area, coupled with the tremendous location and infrastructure of the site, we are already seeing strong interest from several retail and commercial tenants."
Jones Lang LaSalle's brokerage reach and development management skill is expected to accelerate development of the site, which will include recreational, hospitality, retail, commercial and residential uses. Charles Pointe's centerpiece will be a 40-acre resort co-located with a conference/civic center complex, a health/wellness facility and multiple sports venues, both professional and community based.
In addition, Charles Pointe will add significantly to its retail component, and will construct a baseball stadium and sports complex that will be home to local minor league baseball and hockey teams. The approved master plan also includes new neighborhoods, walking trails, community parks and sports fields, additional hotels, multiple civic facilities, a "restaurant row," several shopping centers, a full-service resort, a vacation resort and a community center.
Charles Pointe has already generated interest from national retailers and residential builders, minor league baseball and hockey teams, and commercial interests attracted by the proximity of North Central West Virginia Airport. The proximity of government agencies such as NASA and the FBI is also a drawing card for hotel and commercial tenants.
The State of West Virginia created the Charles Pointe Economic Opportunity Development District to fund and otherwise support job creation and economic expansion. The development has the backing of legislators as evidenced by the real estate and sales TIFs approved by the West Virginia legislature that will "…not only increase commercial activities in the Charles Pointe development district but … will enhance the entire North Central area of West Virginia, which is the current home of the FBI, United Hospital, the North Central West Virginia Airport, and the Benedum Aerospace and Industrial Park…" said West Virginia Governor Earl Ray Tomblin.
"As is confirmed by the Governor's statements and support, the region is being transformed from a coal-centric model to an economic cluster of four or five different industries which together provide greater opportunities for our community and the region," said Mark Dellana, Executive Director of Development for Genesis Partners. "The diversity of opportunities here at Charles Pointe and the wide range of industry leaders making their home here made partnering with Jones Lang LaSalle the perfect fit with their experience and expertise in all of these areas."
Key leaders in the collaboration include Dellana, Dordick, Elliott and Kathleen Sain, Esq., of Sain Development, LLC. For more information on the project, contact:
Jones Lang LaSalle's Project and Development Services (PDS) group employs 1,100 project managers throughout the Americas, who conducted 2,300 projects valued at $10.9 billion in 2010. PDS offers a range of services to corporations, real estate owners, healthcare organizations and public sector entities. Capabilities include management of new construction, renovations and expansions; development services; interior fit-out assignments; energy retrofits; LEED assessments and certification; multi-site program management; brand strategy rollouts; and other services.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com
SOURCE Jones Lang LaSalle