Once Planned as a Retirement Community, Ford's Colony Acreage Sold at Auction

By Desiree Parker Friday, February 12, 2010

The Ford’s Colony lot that was slated to become a large assisted-living retirement community was sold back to the original lender on the steps of the Williamsburg James City courthouse Friday morning for $3.15 million.

Realtec, Inc., purchased the 179-acre property in 2007 for $6 million. The private lender, listed as SWR Hockaday, LLC and Martha McMurran, bought back the defaulted note for $3.15 million, the assessed value of the property.

Realtec’s original plan was to build a continuing care retirement community on the lot with 38 townhomes, 558 other independent units, 83 assisted living units, and 60 skilled nursing beds, which was approved in July 2008 by a vote of 3-2.

Representing the lender at the sale was Channing Hall, who said he was unable to comment on the lender’s plans for the property, though county planning staff says so far no new plans have been submitted as of Friday.

No one aside from the lender offered up the $50,000 to place a bid on the parcel.