VIRGINIA BEACH, Va. (WAVY) - The 108-acre stretch of Pleasure House Point near the Lynnhaven Inlet in Virginia Beach will now be preserved and open to the public.
A prominent local developer bought the land and was seeking permits to build more than 1,000 homes prior to the collapse of the housing market.
Two years ago, Wells Fargo took control and agreed to sell the property to the Trust for Public Land for $13 million, well below the market price.
"For the Trust of Public Land to step in and really bridge all of the relationships to preserve this property was unbelievable," Virginia Beach Parks and Recreation Department's Brian Solis said.
The Trust for Public Land partnered with the Chesapeake Bay Foundation, the City of Virginia Beach, state and federal agencies, as well as private foundations to complete a deal that would keep the land public and pristine.
"Without all of those entities either ponying-up funds or really encouraging the political will to protect the site, I don't think it would have happened," Chesapeake Bay Foundation's Christy Everett said.
Everett says the Chesapeake Bay Foundation will get 11 acres of the land to use for a planned environmental center.
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