Undeveloped lots at Mill Station in Powhatan are headed for auction. (Photos by Brandy Brubaker)
About 250 empty acres of a Powhatan housing development are headed for auction.
Thirty-four vacant lots and a nearby 64-acre parcel at the Mill Station subdivision are pushing toward foreclosure and will be offered for sale at a public auction this month.
The auction will be at 11 a.m. Feb. 21 on the steps of the Powhatan County courthouse.
The building lots are an undeveloped part of Mill Station, said Paul S. Bliley Jr., an attorney with Williams Mullen acting as trustee on the foreclosure.
Central Virginia Bank, which had struggled in recent years and is now controlled by C&F Financial, is foreclosing on the property.
The auction will be Feb. 21.
The lots are owned by BCJ LLC. PABC Inc. owns the 64-acre parcel, which is off Red Lane, near Route 60, according to county records.
James Blandford and Robert Hertzler own both companies, Blandford said.
They purchased the land for Mill Station, located off Mill Quarter Road, in 2006.
“Because of the economy, we had a slowdown in selling lots,” Blandford said. “We sold 22 in 2007, then the spigot turned off.”
Blandford said that during the downturn they were able to sell four lots in five years. Last year, however, things picked up, and they sold eight lots.
“It’s coming back, but it’s not coming back fast enough for the bank,” Blandford said.
Central Virginia Bank in December won a judgment against BCJ LLC in the amount of $2.82 million, according to paperwork filed at Powhatan County Circuit Court. A bank representative would not comment.
Blandford said they’ve made the bank numerous offers to settle the debt and are handing over every bit of cash that comes in to try to pay down what they owe in an effort to save the property from the auction block. They’ve also paid money since the judgment was filed, Blandford said. He would not say how much is owed.
Blandford said that Mill Station has 71 lots and that they’ve sold more than half. He thinks they could make the development viable again if the bank would give them more time.
Hertzler and Blandford have done other developments locally, including Lake Randolph Estates and Pocahontas Woods, Blandford said.
A sign at Mill Station says homes there start in the mid-$300,000s and are built on two- to 13-acre lots.
According to a count of each parcel in county records, the properties up for auction total about 252 acres and have a land value of about $3.64 million.
Undeveloped lots at Mill Station in Powhatan are headed for auction. (Photos by Brandy Brubaker)
About 250 empty acres of a Powhatan housing development are headed for auction.
Thirty-four vacant lots and a nearby 64-acre parcel at the Mill Station subdivision are pushing toward foreclosure and will be offered for sale at a public auction this month.
The auction will be at 11 a.m. Feb. 21 on the steps of the Powhatan County courthouse.
The building lots are an undeveloped part of Mill Station, said Paul S. Bliley Jr., an attorney with Williams Mullen acting as trustee on the foreclosure.
Central Virginia Bank, which had struggled in recent years and is now controlled by C&F Financial, is foreclosing on the property.
The auction will be Feb. 21.
The lots are owned by BCJ LLC. PABC Inc. owns the 64-acre parcel, which is off Red Lane, near Route 60, according to county records.
James Blandford and Robert Hertzler own both companies, Blandford said.
They purchased the land for Mill Station, located off Mill Quarter Road, in 2006.
“Because of the economy, we had a slowdown in selling lots,” Blandford said. “We sold 22 in 2007, then the spigot turned off.”
Blandford said that during the downturn they were able to sell four lots in five years. Last year, however, things picked up, and they sold eight lots.
“It’s coming back, but it’s not coming back fast enough for the bank,” Blandford said.
Central Virginia Bank in December won a judgment against BCJ LLC in the amount of $2.82 million, according to paperwork filed at Powhatan County Circuit Court. A bank representative would not comment.
Blandford said they’ve made the bank numerous offers to settle the debt and are handing over every bit of cash that comes in to try to pay down what they owe in an effort to save the property from the auction block. They’ve also paid money since the judgment was filed, Blandford said. He would not say how much is owed.
Blandford said that Mill Station has 71 lots and that they’ve sold more than half. He thinks they could make the development viable again if the bank would give them more time.
Hertzler and Blandford have done other developments locally, including Lake Randolph Estates and Pocahontas Woods, Blandford said.
A sign at Mill Station says homes there start in the mid-$300,000s and are built on two- to 13-acre lots.
According to a count of each parcel in county records, the properties up for auction total about 252 acres and have a land value of about $3.64 million.