Project developer not giving up yet

Warrenton real estate developer Steve Vento isn't giving up just yet on bringing the 490-home Copper Ridge retirement village to Culpeper - even though the land is headed to auction.

"Copper Ridge has obtained financial advisers to assist us in this time of turmoil in the residential market," he said Thursday, "and we do not intend to allow the property to be sold at foreclosure."

However, he did not know how his company, Angler Development, would prevent the foreclosure, saying, "It is in the hands of our financial adviser."

"We do fully intend to meet our commitment to the town and our lenders," Vento said, "and are fully committed to Copper Ridge as it is designed and approved."

In exchange for gaining Town Council approval in 2005 for a massive land rezoning that paved the way for Copper Ridge, Angler Development promised to give the town $2.3 million in cash and 12 acres along Germanna Highway.

Last year, the town decided to build its new police station on the 12 acres and moved forward with design.

But the town still hasn't received the land's deed of trust from Angler Development and is now looking elsewhere for police station sites.

As for the cash, the town won't get that until construction begins - if it ever does.

Copper Ridge would be located on East Chandler Street, next to the new section of the National Cemetery.

In light of the unstable housing market, Vento had "no idea" of the timing for the project. But he reiterated his company's intent to fulfill its commitments.

According to Paul Bliley Jr., an attorney with Williams Mullen of Richmond, Angler failed to make payments on the Chandler Street land as specified in the bank note, and that's when it went into foreclosure.

According to a deed of trust on file in the Culpeper County Courthouse, Copper Ridge LLC purchased the four parcels, totaling 130 acres, for $9.2 million in 2005.

Of that, $5.3 million is owed to Eastford LLC of Richmond and $3.9 million to Crown Jewel LLC of Washington, R.I., per "the original principal amounts" as listed in a substitution of trustee document in the courthouse.

The land goes to auction next Friday at 11 a.m. on the steps of the Culpeper County Courthouse.

Allison Brophy Champion can be reached at 825-0771 ext. 101 or abrophy@ starexponent.com