Focus on The New Urban Waterfront Village at Sandy Point

Sandy Point Future New Urban Waterfront Village 939-acre Sandy Point Plantation Eponymous Sandy Point Mansion House (circa 1812) overlooks Albemarle Sound and is listed on the National Register of Historic Places March 2012 Focus on Sandy Point

Sandy Point The 939-acre plantation is divided into two tracts by State Route 32, which crosses the Albemarle Sound Bridge at Sandy Point. The 3.5-mile-long bridge, the only bridge over Albemarle Sound, establishes Sandy Point as a unique location visible on any map of North Carolina. North Carolina civic leaders recognize that their northeastern region (east of I-95) is woefully underdeveloped – overlooked as the state’s Outer Banks were built out – and poised for development. Those leaders invited Sandy Point’s principals to select a site in the region for a New Urban community, a community that need not be gated to create value, that would be walkable and people friendly and that could ignite regional economic development without undermining or overwhelming nearby established communities. Sandy Point’s principals selected the 939-acre plantation in Chowan County, North Carolina, known historically as "Sandy Point.” They concluded that the property was suitable for New Urban development because it is a large, physically attractive parcel on high ground, such that homes may be constructed above any wind-driven tide that might travel up Albemarle Sound, adjacent to navigable waters and readily accessible to major population centers by good roads and by air. FSP took control of the Sandy Point property through option in June 2003, conducted a land planning Charrette in October 2003 and exercised the option to purchase the property in January 2006. March 2012 Focus on Sandy Point

Sandy Point The Sandy Point property is divided into two tracts by State Route 32, which crosses the Albemarle Sound Bridge at Sandy Point. The 3.5-mile-long bridge, the only bridge over Albemarle Sound, establishes Sandy Point as a unique location that is visible on any map of North Carolina. The West Side of Sandy Point, west of Route 32 and the bridge, is 452 acres. The East Side of Sandy Point is 487 acres. Sandy Point’s West Side will be developed around a 41-acre upland harbor, may have 1,100 dwelling units, including multi-family residences, and will host the new community’s downtown retail and commercial spaces. The East Side of Sandy Point, which will feature a second, 10-acre upland harbor and a large lake, will have an agrarian character. Five hundred single-family dwellings are permitted for the East Side. West Side New Urban Waterfront community with a 41-acre upland Harbor and 268-slip Marina 1,100 Dwelling Units, including 143 harbor-front homes, each with a covered porch extending twenty feet out over the harbor (and a yacht tender or fishing boat docked beneath the porch) Downtown Main Street and Harbor Wharf with restaurants, shops, transient housing and a Wellness Center/Spa managed by an affiliate of the medical school at East Carolina University Other Amenities will include a field sports (i.e., shotgun and archery) facility, equestrian center, swimming pools, tennis courts and Sound-front swimming beaches 2.8-acre lake, nature trails and Wastewater Treatment Facility, located behind wetlands in the northwest corner of the Sandy Point property (that will serve both the West and East Sides) East Side Agrarian, large-lot residential neighborhood with a 10-acre upland Harbor and 110-slip Marina 500 Lots/single-family Dwelling Units Sustainable Farm spread over fifty acres, assuring residents of year-round food security and serving (with the support from NC State University) as a model for integrating local food production 18-acre lake, offering fresh water boating and fishing, and Opportunity for harbor-fronting destination hotel/conference center, corporate retreat or other commercial use The Sandy Point land plan has been entitled by federal, state and local authorities as a “New Urban Waterfront.” March 2012 Focus on Sandy Point

New Urban Waterfront Village at Sandy Point Sandy Point’s Harbor Wharf The “New Urban Waterfront” designation –bestowed upon Sandy Point alone by the North Carolina General Assembly – enables development without compromise of an Urban Village that reflects only the finest of North Carolina’s traditional coastal towns. March 2012 Focus on Sandy Point

Sandy Point: A Special Place The New Urban Waterfront designation renders Sandy Point both singular and proprietary. March 2012 Focus on Sandy Point

West Side – 452 Acres The approaches to the Urban Village on the West Side of Sandy Point will be lined with expansive orchards, groves, vineyards and gardens. The Main Street and Harbor Wharf will boast transient housing, restaurants, a variety of shops and a Wellness Center/Spa. West Side amenities will include field sports (e.g., shotgun and archery) facilities, an equestrian center, swimming pools, tennis courts and Sound-front swimming beaches. March 2012 Focus on Sandy Point

West Side – continued West Side development will include a 41-acre upland Harbor with a 268-slip Marina and up to 1,100 Dwelling Units. One hundred forty-three (143) of those Dwelling Units will be harbor- fronting homes with covered porches extending twenty feet out over the harbor, so that a yacht tender or fishing boat may be docked beneath the homes. Extraordinary! March 2012 Focus on Sandy Point

East Side – 487 Acres The East Side of Sandy Point is entitled for up to 500 large, single-family lots and a second, smaller (10-acre) upland Harbor with a 110-slip Marina. March 2012 Focus on Sandy Point

East Side – continued Sustainable Farming at Sandy Point assures visitors and residents of year- round food security, and an 18-acre East Side lake will offer fresh water boating and fishing. A Sound-front parcel on the East Side has been set aside for commercial development, e.g., as an exclusive destination hotel. March 2012 Focus on Sandy Point

Sandy Point’s Draw Markets for Retirement and Second-Home Dwellings Baltimore MSA, 5 hours away, is approximately 600,000 people Washington, DC, MSA, 4 hours away, is 5.5 million people Greensboro-Winston-Salem-High Point MSA, less than 4 hours away, is approximately 1.3 million people Richmond MSA, 3 hours away, is approximately 1.2 million people. Raleigh-Durham-Chapel Hill MSA, 2 to 2.5 hours away, is approximately 1.4 million people. Virginia Beach-Norfolk-Newport News MSA, 1 hour away, is approximately 1.6 million people.  Sandy Point is closer to Baltimore, Washington, Greensboro, Richmond and Raleigh/Durham than the popular (but over-crowded) North Carolina Outer Banks. Considering weekend traffic on the Chesapeake Bay Bridge, Sandy Point can be closer to the Virginia suburbs of Washington, DC, than is Ocean City, MD. Baby Boomer households are the primary market for second/vacation-home and retirement living at Sandy Point. The youngest boomers are 47 to 55 years of age. The older boomers – today, 56 to 65 years old – are considered the most likely to purchase dwellings at Sandy Point in the near term. Older boomers are a third of the cohort, approximately 26 million Americans retiring through the year 2020. Sandy Point and the Upper Albemarle are readily accessible to a significant Boomer population. By example: The Nation’s Capital, a four-hour drive from Sandy Point, is the strongest market in North America. The Washington, DC, MSA is the fastest growing MSA economy by real income per capita among the top ten cities in the United States (by population). The District itself has the highest per capita income of any “state” or region by a significant margin (nearly four times the median). Maryland and Virginia are also above the median within the United States. The population of the Washington MSA is approximately 5.5 million, and as of 2009, Baby Boomers comprised 32% of the MSA’s population. Assuming that percentage holds today, nearly 1.8 million of the roughly 5.5 million people living in the MSA are Boomers; that is, at least 900,000 Households in the Washington MSA are part of the Sandy Point Resort’s target market. And a third of them, 300,000 Households in the Washington MSA alone, are members of the older Boomer cohort and among those considered most likely to purchaser dwellings at Sandy Point in the near term. Seaside, Florida, became the most successful second-home and retirement resort in history by targeting the Atlanta, Georgia, MSA, which was the largest close-by MSA, a five-hour drive from Seaside. The Washington MSA is a four-hour drive from Sandy Point and far larger and wealthier than the Atlanta MSA. March 2012 Focus on Sandy Point