Harbor Village at Sandy Point
Sandy Point Farm Lands and Entitlement Materials:
The Lands:
The Lands consist of the ±934 acre Sandy Point Farm Lands at 1820 Sandy Point Road, in Edenton, North Carolina. The Lands presently comprised of wetlands, farmlands, and a historic farmhouse, with 1.6 miles of waterfront on the Northern shore of Albemarle Sound, and are divided by Haughton Road, with 441.3 acres of land to the West of Haughton Road, and 492.7 acres of land to the East of it.
Entitlement Material:
The Entitlement Material consists of the actual entitlements granted for the development of The Lands as a (Duany Plater-Zyberk (DPZ) designed) ±1,600 unit Traditional Neighborhood Development (TND) and the material (surveys, studies, designs, consultant reports, approval drawings, etc.) prepared in support of those entitlements.
Ownership of The Lands and Entitlement Materials:
The Lands and the Entitlement Material (The Project) are wholly owned by The Parity Fund For Sustainable Development Ltd..
Collaboration:
The Parity Fund for Sustainable Development Ltd. (PFSD) and the Glocal Platform for Urban Finance (GPUF) have agreed to work together to complete the Pre-Development
Tasks, ascertain the present value of The Project, and then determine how best to proceed with its development.
Pre-Development:
PFSD has raised the funds needed to first purchase The Lands, and then carry out Pre-Development Tasks.
The Pre-Development Tasks being carried out are:
- Obtain current residential and retail market studies.
- Conduct geotechnical studies to determine the location, quantity, and composition of onsite soil, clay, and groundwater.
- Establish the criteria for the stormwater management system needed.
- Revise the DPZ Masterplan to address the market, economy, geotechnical studies, and stormwater.
- Engineer and determine the cost of the revised Masterplan.
PFSD has carried out most of the Pre-Development Tasks to ascertain the present value of The Project, and then how best to proceed with its development.
The PFSD General Partner (GP) will continue to manage all aspects of the development.
During the Pre-Development Stage:
1. GPUF will become a 50.5% controlling partner and director in the GP of the GP/LP structure of PFSD.
2. GPUF, becoming the sole funding source for all remaining Pre-Development tasks, will have a majority 52.4% ownership of the Limited Partner in the GP/LP structure of PFSD.