SunCal Closes Sale to NVR, Inc. of First Residential Lots at New Potomac Shores Master-Planned Community in Virginia

NEW YORK, Aug. 23, 2012 /PRNewswire/ -- SunCal, one of the largest privately held real-estate developers in the U.S., has concluded the initial sale of 371 residential lots at the Potomac Shores master-planned community in Prince William County, Virginia to NVR, Inc. The transaction represents the future sites for the first phase of homes to be built at the 1,920-acre mixed-use, waterfront community.

NVR purchased 371 home lots ranging from 5,000 to 9,000 square feet in six new neighborhoods. An additional 362 Phase One lots are available for sale. NVR plans to build homes with a contemporary interpretation of the Tidewater style honoring 300 years of architectural heritage in coastal Virginia and Maryland. NVR builders will include NVHomes, NVR Legacy and Ryan Homes, and model homes for six neighborhoods are planned to open in the second quarter of 2013.

"This sale to NVR marks a significant milestone in the development of this premier destination community," said Frank Cappello, a SunCal Principal who heads the company's New York City office. "Potomac Shores is in a beautiful waterfront setting, with an exceptional master plan designed for D.C. commuters, creatives and retirees."

Planned as a transit-oriented development, Potomac Shores is located 35 miles south of downtown Washington on rolling, forested land along the Potomac River and Powell's Creek. Situated near Interstate 95, the partially completed project had been idle for more than three years before SunCal acquired the parcel in August 2011.

Potomac Shores is zoned and entitled for residential, commercial, hospitality, marina and civic uses. It features a world-class, 18-hole Jack Nicklaus Signature Golf Course that will open for public play in the second quarter of 2013. A new Virginia Rail Express (VRE) commuter rail station is proposed for the community's new town center, to provide residents with convenient access to Washington, D.C.

Plans are approved for up to 3,987 residential units and 3.7 million square feet of commercial uses, including a proposed five-star resort. Approximately 45% of the property's natural open space will be preserved. Extensive grading and roadway infrastructure has been completed throughout the site, and SunCal began work this summer on infrastructure related to the Phase One homes and a new golf clubhouse.

NVR homebuilding operations serve 27 metropolitan areas in 16 states, including Maryland, Virginia, West Virginia, Pennsylvania, New York, New Jersey, Delaware, Indiana, Kentucky, Illinois, Ohio, North Carolina, South Carolina, Florida and Tennessee. Please visit www.nvrinc.com for more information.

SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest privately held land developers in the U.S. and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; and Melbourne, Fla. For more information, visit www.suncal.com.

SOURCE SunCal