Last month, a private investment group called Praetorian Fund finalized a Purchase and Sale Agreement of the 4,000-acre Frank Williams Farm property in Southern Chesapeake. The company is proposing a multi-phase, mixed-use innovation hub which they say will be a multi-billion dollar economic impact for the region.
The property, located just off Highway 17 near the North Carolina border, also known as Coastal Commerce Park, was designated as Virginia’s largest megasite in 2015. It will be developed as “Praetorian Park” by Praetorian Development Group LLC, the real estate affiliate of the privately held investment firm. The proposed master-planned innovation hub is designed to attract advanced manufacturing, government and defense contractors, energy innovation, logistics, automotive research and development, commercial development, hospitality, and professional sports facilities.
“The future is bright for the City of Chesapeake,” said Jack Fulton, Founder and Chairman of Praetorian Fund. “The City of Chesapeake is the ideal place to make an investment like this. It has grown responsibly and has some of the best existing infrastructure in the area. Our goal is to position the City of Chesapeake and Praetorian to take advantage of opportunities across multiple industries and enhance the lives of its citizens.”…