Purchased, in partnership with Kenneth G. McDermott, phases II - V of Stonehouse, a master planned community centrally located on the Interstate 64 corridor between Richmond and Hampton Roads, Virginia. The existing Phase I development includes the highly rated Traditions Golf Club at Stonehouse as well as a successful single family development of nearly 800 homes/homesites. JTL's acquisition of the remaining phases II-V totals approximately 4,610 acres. This acreage is zoned and entitled for up to 3,698 residential units and 2,778,000 sq. ft. of commercial development. Also under development and part of our transaction is the Stonehouse Commerce Park containing approximately 250 acres between I-64 and Route 30.

The Stonehouse property is comprised of pine and hardwood forests that spread toward and along five miles of the York River and Ware Creek. Ridges and valleys provide breathtaking vistas over the rolling elevations that are unique along the eastern tidewater areas of the county. Miles of waterfront property provide excellent sites for recreation and residential development. Access to the property by the Interstate Highway system and the air access into Richmond, Norfolk, New Port News, and Virginia Beach open the market to millions of primary, second home, resort, and retiree prospects.

For information on the existing Phase I development visit www.stonehouseva.com