Josh Brown
The Virginian-Pilot
©
CHESAPEAKE
A developer has acquired 54 acres of land near the Gilmerton Bridge with the intent of developing an industrial park.
The Chesapeake Economic Development Department announced Wednesday that a company affiliated with developer Jim Baylor purchased the land at the end of Michael Drive in Deep Creek for the Gilmerton Industrial Park.
The company, Michael Drive LLC, bought the land for $2.3 million from the Reasor family, said Ken Benassi, a broker with CB Richard Ellis, who represented both the buyer and seller in the deal.
The developer has hired Excel Paving to improve Michael Drive and bring utilities to the site, the city announcement said.
It plans to offer parcels ranging in size from 2 to 37 acres, available starting in the second quarter next year. CB Richard Ellis will market the industrial park.
"The creation of The Gilmerton Industrial Park is an excellent opportunity for redevelopment along the Military Highway corridor," said Steven Wright, Chesapeake's economic development director, in a statement.
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