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Celebration Merges With Virginia Hot Springs in $16M Deal

HOT SPRINGS, VA-The South Carolina-based developer acquires 12,300 acres of land in a $16-million transaction. The deal calls for Celebration to sell 9,000 acres--land that will be permanently conserved--to the Nature Conservancy of Virginia for $6.3 million.

By Barbra Murray | Updated on March 15, 2002

HOT SPRINGS, VA-In a $16-million deal, Fort Mill, SC’s mixed-use and master-planned communities developer Celebration Associates has acquired the outstanding shares of Virginia Hot Springs, which includes 12,300 acres of land near the historic Homestead resort area and in the city’s downtown region. Part of the merger included Celebration’s selling of the majority of the land, 9,000 acres, to the Nature Conservancy of Virginia for $6.3 million.

Celebration’s purchase also places some standing properties under its ownership, such as the Homestead dairy Barn, which the company will renovate and reopen as a community center. It has yet to be determined exactly how Celebration will use the remaining 3,300 acres, but the company has provisional plans for developing a residential and mixed-use village on the land.

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