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NORFOLK, VA-A division of the locally-based Dragas Cos. has purchased 39.16 acres of land with an eye to developing two luxury condo buildings here. Kings Point Associates purchased the stretch of land, located on Gum Rd., after receiving city approval to develop the project, which will be called Kings Pointe South and Kings Point North. S. L. Nusbaum Realty Co.’s Mark B. Warlick represented the seller, James & Venice King, LLC.

Kings Pointe South will feature 1,300-plus square foot, two bedroom, two bath, single-floor condos. Kings Point North will consist of two bedrooms with grand master suite or three bedroom, 2.5 bath, two-story condominiums of approximately 1,700 square feet of living space. All together the project will deliver 400 units. Asking prices have not yet been fixed. Dragas Cos. and S.L. Nusbaum were not immediately available for an interview.

According to a statement by Warlick, the property was originally part of a larger tract that was in place before being split off due to the construction of Interstate 664. The western portion of the site was sold and subsequently developed for a Holiday Inn Express.

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