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AUGUST 23, 2011 - IN THE NEWS: BREEDEN CO. IS BUILDING FORMER SANDLER PROJECT

Breeden Co. is building former Sandler project

By Sandra J. Pennecke
Virginian-Pilot correspondent
© August 23, 2011

VIRGINIA BEACH
A new apartment development, once planned by L.M. Sandler & Sons Inc., is now being built by The Breeden Company.

Ground was broken the first week of this month near Alicia and Dolton drives for Cambria at Cornerstone, an apartment community off Interstate 264 and minutes from Town Center.

Cambria, which will feature 15 buildings with 276 one-, two- and three-bedroom apartments, is within the master planned community of Cornerstone.

It will include a resort-style pool, outdoor grills and fire pits, a 24-hour fitness center, a clubhouse, business center, movie theater, conference room/dining room, recreation room, dog run, outdoor pavilion for concerts and activities, and a playground.

“It’s not designed for people to just sit in their apartments, but rather to enjoy the outdoors,” said Alanna Doczi Deal, president of communications and marketing at The Breeden Company.

According to company President Ray Breeden, the project has been in the works for more than a year since the purchase of 10.4 acres of the site that was once part of the former Wedgewood Mobile Home Park.

Sandler & Sons, run by brothers Steve and Art Sandler, developed condominiums at Cornerstone, which were built by Chesapeake Homes, in 2008.

They had planned for a luxury apartment complex along the backside of the community, until financial trouble struck due to the recession.

Breeden, whose company also manages its residential and commercial properties, is excited about the project.

“We did our homework ahead of time and know the market was there for apartments,” he said. “Apartments have always been in demand in Virginia Beach.”

With the real estate market as it is, Breeden said apartment living is even more in demand as some people lose their homes or downsize and others enter the housing market as renters.

Cambria, named for a natural stone surface that is both elegant and practical, promises to raise the bar on apartment living, according to both Breeden and Deal.

Not only is it strategically located within the heart of Virginia Beach, but Breeden has called upon a team of specialists – including architects, civil engineers and interior designers – to create a state-of-the-art venture.

Cambria at Cornerstone is projected to cost a total of $40 million and be ready for its first set of residents to take occupancy in May.

Apartment rentals start with a one-bedroom, one-bath unit with between 807 and 850 square feet for $1,105; two-bedrooms, two-bath with 920 square feet starts at $1,290; and a three-bedroom, two-bath unit with 1,137 square feet starts at $1,535.

“Every time a developer and builder build a new project, they are trying to do better than the last one and better than our competition,” Breeden said.

Sandra J. Pennecke,
pennecke@cox.net

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