A real estate developer from Leesburg has added nearly 200 acres to an already sprawling assemblage of land in Chesterfield County.
Sal Cangiano bought 189 acres along Duval Road, next to a 1,500-acre tract known as upper Magnolia Green he has owned since 2000. His latest purchase, which closed on June 13, cost $1.3 million.
The sale included a pair of parcels known as Cold Creek at 17500 and 18000 Duval Road. The land is zoned for as many as 380 homes. It sits just east of upper Magnolia Green, a so-far undeveloped plot with zoning for up to 1,300 homes.
Village Bank was the seller in the Cold Creek deal, and came into possession of the land after foreclosing on previous owners in 2010.
Cangiano could not be reached on Tuesday to discuss what is planned for Cold Creek and upper Magnolia Green, or when any sort of development may begin.
Cangiano first bought into the Magnolia Green area of the county more than a decade ago. At one time he owned nearly 4,000 acres running from Hull Street Road at its southernmost point.
That land included what is known as lower Magnolia Green between Hull Street and Duval Road. Those parcels were sold to become the Magnolia Green neighborhood and Westham Golf Club, currently owned by iStar Financial.
Sam Worley and Ryan Fanelli of Commonwealth Commercial handled the Cold Creek deal on behalf of the seller. Worley said iStar’s Magnolia Green development has been one of the best-performing subdivisions in the county over the last year.
He attributed its success to its location near major retail outlets and within a top school district.
“The fact that you’re in Cosby High School school district is huge. Fox Creek, Wynwood and Greenwich have benefitted from that school being there,” Worley said. “And (Magnolia) Green is finally going to complete the final nine of their golf course, and that’s going to help.”
In addition to his holdings in Chesterfield, Cangiano once went head-to-head with Donald Trump in a bidding war for Patricia Kluge’s winery near Charlottesville.