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WILLIAMSBURG, VA-New Town–a 300-acre, multi-million-dollar, mixed-use development that is expected to become the center of James City County–finally gets underway with a ceremony celebrating the entire project, as well as its first structure, a 60,000-sf office building. The massive undertaking is a development of a joint venture involving The Staubach Co. and CC Casey Ltd., and the Endowment Association of the College of William and Mary. The university, which has a 50% stake in the project, bought into the partnership a $6 million investment. The developers have yet to reveal the price tag attached to this project, which could take more than a decade to complete, but reported estimates put the final figure at several hundred thousand dollars.

Located near Colonial Williamsburg at the corner of Ironbound Road and Monticello Road, New Town will ultimately consist of 1million sf of office space, a 500,000-sf retail village, 1,600 residential units, and a hotel. The first structure going up, the SunTrust Building is already leased to 50% capacity. SunTrust Bank will be a tenant, as will the law practice Kaufman & Canoles, and accounting firm Witt, Mares & Co. Local real estate firm R.J.S. Associates is handling the leasing for the SunTrust structure. And while Casey is handling the development of the SunTrust building, Armada/Hoffler Development Co. and Atlantic GCR have come on board to oversee the project’s retail and residential segments, respectively.

Much of the office space at New Town is being geared toward the high-tech and research markets. To that end, Clemson, SC-based Institute for Computational Genomics has already signed on to become New Town’s first high-tech firm by relocating its headquarters to the new development. “The strong research capabilities of William and Mary, as well as the high quality of life in the James City County-Williamsburg area make the prospect of coming to New Town very enticing,” INCOGEN president Maciek Sasinowski says in a statement announcing the move last November. “We look forward to becoming full-fledged members of the community and to playing a role in attracting other high-tech companies to New Town and the Williamsburg area.” No schedule has been set for the start of construction for Incogen’s new home, but the SunTrust building is expected to open sometime in 2003.

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