SCOTTSDALE, Ariz. — Westphalia Dev. Corp. (the “Corporation”) announced today its results for the third quarter ending September 30, 2022. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States.
Development and Sales Activities
The key development and sales activities of the Corporation in the third quarter ending September 30, 2022, were:
- Woodyard Road, Pennsylvania Ave, and Presidential Parkway East TIF project construction continues and is scheduled to be substantially complete Q4 2022.
Presidential Parkway West TIF project continues and is scheduled to be complete in Q1 2023.
- Executing the site plan strategy and working on additional refinements including discussions with numerous potential new buyers and retail brokers.
Finalizing engineering toward initiating the revision of the Conceptual Site Plan and Preliminary Plan of Subdivision and a Detailed Site Plan for the retail core of the masterplan.
- A community outreach process utilizing locally based leadership teams and residents is complete.
- As a result, the retail, commercial, multifamily, and senior living planning is underway which includes advancement of preliminary engineering.
- Northpoint, the potential purchaser of the Corporations Phase 2 and Phase 3 land parcels, has completed zoning text amendments that enables them to be authorized within the current zoning for the proposed use.
- Operating expenses for this quarter remained consistent with Q2 2022.
The Corporation’s financial statements and management’s discussion and analysis for the third quarter ended September 30, 2022, are available under the Corporation’s SEDAR profile at www.sedar.com.
The Corporation is managed by Walton Global Investments Ltd. (“Walton Global”) and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton group of companies (“Walton”).
Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 43 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.6 billion in assets on behalf of its global investors located in 81 countries, builders and developers and industry partners. Walton has more than 93,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, land financing programs and build-to-rent. For more information visit walton.com.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.
Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited condensed interim consolidated financial statements for the three months ended September 30, 2022, and related notes, prepared in accordance with International Financial Reporting Standards.
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Allison + Partners