X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SALISBURY, MD-Kimberton, PA-based Vantage Point has acquired a 70-acre parcel from three Salisbury-based partnerships for $4.67 million. The acreage will used to develop Summersgate Retirement Living Community, a residential community for individuals over the 55-year-old mark.

The development site is situated near the intersection of Snow Hill and Johnson roads. One broker involved in the land sale estimates the development costs of the new community to be roughly $20 million. Henry Hanna, a broker with Sperry Van Ness/Miller Commercial Real Estate in Salisbury represented the buyer and two sellers. John McClellan, also a broker with the Sperry Van Ness office, represented the third seller.

Construction will begin almost immediately. Vantage Point had all the necessary approvals in place when the land deals closed, according to McClellan. “It took about two years to go through the approval process,” he tells GlobeSt.com. “One of the reasons for the delay was that the developer was required to design a regional storm management system to serve the property. It also had to go through various approvals to annex the land into the City of Salisbury.” McClellan adds that part of the development calls for a realignment of Johnson and Snow Hill roads into a major intersection.

Summersgate Retirement Living Community will consist of 22 single-family dwellings, 94 villas and 100 condos. The community will also have a 7,300-sf clubhouse with a fitness center, library, computer suite, game room, party/meeting room and swimming pool.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.