Two Multi-Family Development Sites Burton Station Virginia Beach, VA FOR SALE

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1 ± 10 Acre & ± 5 Acre Sites w/ Frontage on the New Tolliver Rd Offering Immediate Access to Lake Wright & I-64 FOR SALE Christopher Zarpas czarpas@ Information herein deemed reliable, but not guaranteed

2 Burton Station-Virginia Beach, VA YEAR 2013 DEMOS 1 MILE 3 MILE 5 MILE POPULATION 2,297 90, ,750 HOUSEHOLDS , ,336 AVG HH INCOME $75,355 $60,877 $62,919 PROJECTED FOR YEAR 2018 DEMOS 1 MILE 3 MILE 5 MILE POPULATION 2,225 92, ,368 HOUSEHOLDS , ,028 AVG HH INCOME $84,474 $69,254 $72,434 Parcels, Acreage & Zoning: SIZE 1 10 Acres R5d Acres R5d Acres I Acres R5d Acre R5d Acres (not included in Total Below) ZONING R5d TRAFFIC COUNTS Northampton Blvd & Wesleyan Dr. 82,000 VPD I-64 Near Northampton 130,000 VPD Northampton and Diamond Springs Rd 76,000 VPD Information herein deemed reliable, but not guaranteed Christopher Zarpas czarpas@

3 Christopher Zarpas

4 Executive Summary: The subject property consists of residential land totaling acres located in Virginia Beach, Virginia in a dense residential and commercial area known as Burton Station. The land is presently zoned R5D, but is designated on the Virginia Beach Comprehensive Plan for multifamily development. Burton Station is located in the center of the Hampton Roads region, at the convergence of major arterial roads and highways and adjacent to a major portal to the region, Norfolk International Airport. Port traffic and military bases nearby are huge economic engines that create hundreds of thousands of jobs in the region. Of the regions 25 largest employers, 23 are within a 5-30 minute drive, as are 15 of 19 military installations. Because of its location central to all of South Hampton Roads and the Peninsula, the City of Virginia Beach has designated Burton Station as one of 7 Strategic Growth Areas (SGA), where new development will be encouraged and major investments in new infrastructure have been funded and approved. The subject property is one mile from a planned Simon Premium Outlet of 450,000 SF at Lake Wright. Property Summary and Development Opportunity: The subject property is presently zoned R5D, allowing the development of single family residential lots of 5000 SF. The Virginia Beach Comprehensive Plan designates land in the approximate location of the subject property for multifamily development. The City of Virginia Beach has approved and funded a significant new road network and pump station in Burton Station that will serve the subject property. Tolliver Road will travel from Lake Wright, West to the subject property and then North to connect to Air Rail Avenue as indicated on the following page. The road will bisect the subject property, creating two parcels of approximately 10 and 5 acres each. The owner of the subject property also owns the 12 acre Burton Station Lake that is contiguous to the subject property. A drainage easement to Burton Station Lake will convey with the deed to the subject parcels, so no storm water management system will be required on either of the two developed parcels. A recent engineering study commission by the owner and conducted by Bob Miller of MSA, concluded that Burton Station Lake has existing drainage capacity of 112 acres. Tolliver Road is fully funded. Planning and engineering are 70% completed. The City plans to commence the acquisition of rights of way in July, The City schedule calls for construction to commence in July of 2015, with construction to be competed in July of Christopher Zarpas czarpas@

5 ±10 Acres ± 5 Acres NOT INCLUDED SEPARATE OWNERS Christopher Zarpas czarpas@

6 BURTON TOLLIVER RD STATION RD Christopher Zarpas

7 HAMPTON ROADS: Comprising the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan statistical area (MSA), Hampton Roads is the largest MSA between Washington DC and Atlanta. Hampton Roads is known for its large military presence, one of the world s largest natural harbors, shipyards, coal piers, and miles of waterfront property and oceanfront resorts, all of which contribute to the diversity and stability of the region's economy. Increased defense spending in Hampton Roads and a growing national economy will be major factors affecting regional growth in Other important changes in 2014 likely to raise regional income in Hampton Roads include growth in port activity, growth of the health care industry, and increases in tourism spending. VIRGINIA BEACH: Virginia Beach, home to more than 440,000 people, is the largest city in the Commonwealth of Virginia and the 39 th largest city in America. Located in the southeastern corner of Virginia, along the shores of the Atlantic Ocean and Chesapeake Bay, Virginia Beach is only a four-hour drive to Washington D.C. and within a day s drive or less from two-thirds of the U.S. population. Total Square Miles: 248 Square Miles (642 km) Elevation: 12 feet above sea level Water: 59 square miles (59 km) Virginia Beach MSA Population 440,484 1,685,610 Households 164, ,165 Median Age Virginia Beach s Population is estimated to be 49% male and 51% female. Virginia Beach has more than 38 miles of beaches and 79 miles of scenic waterways Christopher Zarpas czarpas@

8 Virginia Beach s Workforce Civilian Workforce Statistics Virginia Beach s economy is strong and diversified. Virginia is Forbes Best State for Business. Tax Advantages Economic Development Investment Program Industrial Revenue Bonds Fast-Track Permitting Program Public-Private Partnerships YesOceana program incentives New market tax credits No Inventory tax for manufacturers No tax on business equipment for manufacturers No tax on machinery and tools equipment Flat $50 business license fee for first 2 years of operations in the City of Virginia Beach (manufacturers are exempt) Economic Development Investment Program (EDIP) Industrial Revenue Bonds Fast-Track Permitting Program Public-Private Partnerships Commonwealth of Virginia Incentives (Just to name a few) Christopher Zarpas czarpas@

9 Hampton Roads has one of the largest concentrations of military personnel and military contractors in the United States. That presence contributes significantly to the region s economic growth and stability. Hampton Roads has the largest naval base in the world, the only NATO command on U.S. soil and the presence of all five military services, on 10 local bases. Over 100,000 active duty military and 40,000 civilians work for the Navy, Army, Air Force, Marine Corps, and Coast Guard in Hampton Roads. And those servicemen and women are young and affluent with an average age of 39 and average household income of $86,660. An estimated 12,000 active duty military personnel in Hampton Roads retire to start new careers each year. The excellent quality of life finds that many stay here. This educated, experienced and disciplined work force, who are vested with lifetime medical benefits, are highly coveted by employers of all kinds. This population contributes significantly to the stability and diversity of our local economy and is a key factor in decisions by new and expanding business and industry to move to Hampton Roads. And these affluent, two income retirees create consistent demand for quality retail and housing. However, as home to a large and diversified number of private employers, Hampton Roads also has experienced relatively strong employment growth across several industry sectors, particularly Education and Health Services, Leisure and Hospitality and Retail Trade. Job growth in Virginia Beach has been especially strong. Virginia Beach enjoys the lowest unemployment rate in Hampton Roads and one of the lowest for cities of its size in the nation, at 5.5%. Among the job creators with the greatest economic impact is the Port of Virginia. With channels reaching 50 feet in depth and year-long freedom from ice, the Port of Virginia in Hampton Roads can accommodate ships of all sizes and purposes and is the third largest port on the East Coast. The port handled a record breaking 2,223,532 TEUs in 2013, up 5.6% over The Port generates billions of dollars in revenue and taxes and directly or indirectly, creates over 100,000 jobs. Among a highly diversified list of major civilian employers, shipbuilder Huntington Ingalls Industries is the biggest, employing 20,000 people, making it the largest industrial employer in the state. Their output accounts for 70% of the US Navy s active fleet. Hampton Roads accounts for 20% of all commercial and military shipbuilding and repair in the United States. A list of the 25 largest employers appears below. TOP 25 HAMPTON ROADS EMPLOYERS: United States Federal Government, Various localities with 50,000 Employees Sentara Healthcare, Norfolk, 15,000 Employees Virginia Beach City Public Schools, Virginia Beach, 10,000 Employees Norfolk Naval Shipyard, Portsmouth, 7,000 Employees Norfolk City Public Schools, Norfolk, 6,527 Employees Virginia Beach City, Virginia Beach, 6,000 Employees Dominion Enterprises, Norfolk, 5,700 Employees Wal-Mart Stores, Various Localities, 5,270 Employees Chesapeake, City Public Schools, Chesapeake, 5,200 Employees Portsmouth Naval Medical Center, Portsmouth, 4,770 Employees Farm Fresh, Various localities, 4,400 Employees Bon Secours Hampton Roads Health System, Suffolk, 4,000 Employees Old Dominion University, Norfolk, 4,000 Employees Bank of America, Norfolk, 3,600 Employees United States Postal Service, Various localities, 3,500 Employees Smithfield Foods, Inc., Smithfield, 3,223 Employees Amerigroup Corporation, Virginia Beach, 3,000 Employees Portsmouth City Public Schools, Portsmouth, 3,000 Employees Chesapeake City, Chesapeake, 2,893 Employees U.S. Marine Repair/UDI (norshipco), Norfolk, 2,570 Employees Chesapeake Regional Medical Center, Chesapeake, 2,500 Employees Gwaltney of Smithfield, Inc., Smithfield, 2,500 Employees SAIC/AMSEC, Virginia Beach, 2,500 Employees Cox Communications, Inc., Chesapeake, 2,100 Employees Stihl, Inc., Virginia Beach, 2,100 Employees Christopher Zarpas czarpas@

10 USA Today Weekend Magazine called Virginia Beach the best place to live in America. Other Distinctions: Top 10 Best Walking Cities - Prevention Magazine One of the Best Cities for the Outdoors - Forbes The Best Cities to Buy a Home - Good Morning America Quality of Life And with its skilled, educated workforce, strategic location, low tax rates, and dynamic, diverse economy, it s increasingly becoming one of the best places to do business as well. While we believe that our dynamic business environment is reason enough to move here, our incredible lifestyle makes Virginia Beach a destination almost too good to resist. Named the best place to live in America by USA Today Weekend, Virginia Beach offers its residents, and the millions of tourists who visit annually, a lifestyle unmatched by any other major American city. The cost of living is below the national average, and housing continues to be in demand as people move to Virginia Beach for employment opportunities and residential amenities. Students here benefit from one of the nation s best public school systems, and 11 institutions of higher learning contribute thousands of skilled laborers to our workforce every day. With temperate climate, 255 city parks and recreation centers, more than 38 miles of beach, and internationally recognized attractions, there is always something to do in Virginia s largest city. Christopher Zarpas czarpas@