Virginia Beach To Purchase INDIGO DUNES!!!
By Gene Allen, Realty Consultant for Cary Real Estate
(Fathom Realty)
Virginia Beach along with several conservation groups are planning to purchase INDIGO DUNES. This is the last "wild" major tract along the Lynnhaven River and should have been purchased a long time ago. This area has oyster beds, a maritime forest and wetlands all within its 122 acres. The land was bought several years ago by L. M. Sandler and Sons for $30 million with Wells Fargo holding a loan for $19.4 million (ouch). They were going to put over 1000 homes on the property. The city will ante up about $5 million from its open space fund to pay for the purchase. Not all of the land will be vacant as the Trust For Public Land will sell 5 to 10 acres that fronts Shore Drive for about $4 million. The Chesapeake Bay Foundation will contribute $1 million and will build and education ...
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