Kingsmill on the James
Xanterra Parks & Resorts and Busch Properties announce purchase and sale of undeveloped real estate and brokerage company at Kingsmill on the James
GREENWOOD VILLAGE, CO (March 18, 2013) – Xanterra Kingsmill, LLC (“Xanterra”), an affiliate of Xanterra Parks & Resorts, Inc. based in Greenwood Village, Colo., and Busch Properties, Inc. (“BPI”) of St. Louis, have entered into agreements regarding the sale of certain undeveloped land owned by BPI located in the Kingsmill on the James community in Williamsburg, VA. BPI will also sell its residential real estate brokerage company, Kingsmill Realty, Inc., to Kingsmill Resort Development, LLC (“KRD”), another Xanterra affiliate, under separate agreement.
The sale of the BPI assets to Xanterra and KRD is expected to be completed in the second quarter of 2013 and will result in the Kingsmill declarant and developer rights and Kingsmill Realty being reunited with Kingsmill Resort under common ownership as Xanterra acquired the 1,025-acre Kingsmill Resort in 2010. The other terms and conditions of the sale were not disclosed.
Acquisition of the undeveloped Kingsmill property and the brokerage company reaffirms Xanterra’s investment in and commitment to the Kingsmill community. Since 2010, Xanterra has made numerous investments at Kingsmill Resort, including construction of the new James Landing Grill at the Kingsmill Marina and a new pool complex, as well as bringing back an LPGA tour event to the Resort.
“We are very excited about this acquisition. We feel that this is a great opportunity to ensure that both the community’s and the Resort’s interests remain aligned and that the community as a whole continues to be successful well into the future,” said Andrew N. Todd, Xanterra’s president and CEO.
While Xanterra has already begun preliminary work on future development plans related to undeveloped areas on both Resort lands and the property to be purchased from BPI, Xanterra looks forward to working with the community’s master association (Kingsmill Community Services Association), James City County, and the community in general on these plans to make sure that community interests are ultimately aligned.