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.