D’Arcy South Sold to Developer
D’Arcy South, a 58-acre land parcel, recently sold to a developer for $6 million.
Maryland Newsletters has provided details about the D’Arcy South transaction, which can be found below.
D’Arcy South Sold for $6 Million
With the prospect of several hundred townhouse lots beckoning, a developer out of Anne Arundel County bought the ‘D’Arcy’ Park South’ project in Upper Marlboro.
The Arundel Land Group LLC paid $6 million for a 58-acre tract along the Beltway at D’Arcy Road. Headed by Mike Jones, the group bought the rights to about 400 to 500 units, approved at site plan in several different products, including multi-family, towns and two-over-two’s. But legislation passed in 2012 gives the new owner some flexibility in revising the site plan and steering it more toward traditional towns.
D’Arcy Park South traveled for many years, at least for entitlements, with D’Arcy Park North, but was always regarded as a separate project. Between the two, at 128 acres, over 1,000 units could be built. But early plans to develop the two properties were delayed when funding for a new interchange along Route 4 evaporated. Eventually, a new funding mechanism was established for Westphalia-area projects, creating a ‘road club’ process that could generate new dollars.
D’Arcy South would also benefit from legislation passed in 2012 that made conversions from two-over-two’s to fee-simple towns easier. Acknowledging that condos had fallen out of favor after the recession, CB-8-2012 allowed amendments without completely reopening a preliminary plan. ‘Two’s’ have regained a bit of their luster, but are still effectively in a trial period among builders, who are cautiously adding them to their product mix. To what extent the new owner incorporates them in the ‘South’ plan remains to be seen. Barbara Richman at NAI Michael represented seller Darcy Partners LLC, and Patrick Ricker at Property & Industry Coordinators brought the buyer.
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