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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts