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Bluegreen Turns Eye Toward Williamsburg

WILLIAMSBURG, VA-The Boca Raton-FL company is acquiring property to build a new resort property. Construction on the Patrick Henry Square is expected to begin in the fall.

By Melissa Kress | Updated on June 29, 2006

WILLIAMSBURG, VA-With the acquisition of two properties in this colonial town, and the acquisition of two more on the horizon, Bluegreen Corp. is detailing plans to the Patrick Henry Square, a new resort here. Bluegreen is a vacation ownership company based in Boca Raton, FL.

In its first step toward development, Bluegreen has acquired the Patrick Henry Inn and the Liberty Inn and Conference Center, which are located on approximately 4.6 acres here. The company purchased the properties from York Street Properties, LLC, Lisa Thornhill, Bluegreen’s director of corporate communications, tells GlobeSt.com. However, she says the company cannot reveal the acquisition price until after it has filed a 10Q. She also says the company cannot disclose the total project cost until the 10Q is filed.

Bluegreen is also in the process of acquiring two more properties from York Street Properties: the Colonial Capital Inn and a commercial building, both located on approximately 18 acres of adjacent land. Thornhill also declined to disclose this potential deal price until a 10Q is filed. Bluegreen expects to close the second round of acquisitions in the third quarter of 2005, subject to due diligence and necessary government approvals; however, the company adds that though it expects to acquire the properties, there are no assurances the deals will close.

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