CHESAPEAKE, Va. — Last month, a private investment group called Praetorian Fund finalized a Purchase and Sale Agreement of the 4,000-acre Frank Williams Farm property in Southern Chesapeake. The company is proposing a multi-phase, mixed-use innovation hub which they say will be a multi-billion dollar economic impact for the region.
The property, located just off Highway 17 near the North Carolina border, also known as Coastal Commerce Park, was designated as Virginia's largest megasite in 2015. It will be developed as "Praetorian Park" by Praetorian Development Group LLC, the real estate affiliate of the privately held investment firm. The proposed master-planned innovation hub is designed to attract advanced manufacturing, government and defense contractors, energy innovation, logistics, automotive research and development, commercial development, hospitality, and professional sports facilities.
"The future is bright for the City of Chesapeake," said Jack Fulton, Founder and Chairman of Praetorian Fund. "The City of Chesapeake is the ideal place to make an investment like this. It has grown responsibly and has some of the best existing infrastructure in the area. Our goal is to position the City of Chesapeake and Praetorian to take advantage of opportunities across multiple industries and enhance the lives of its citizens."
The development has been the subject of planning discussions for nearly a decade. In 2018, Chesapeake City Council designated 1,400 acres of the property for industrial use and approved it as a Gateway Virginia Innovation District under the city's Unique Economic Development Opportunity policy. The UEDO designation enables properties meeting certain conditions to be strategically promoted for economic development purposes in Chesapeake.
However, the massive scale of the proposed development has raised concerns among some neighbors. Linda Tindell, a Chesapeake resident and advocate for preserving farmland, expressed worry about the project's scope.
"I think it's too large scale for our area," Tindell said. "That's too much for a low-lying area in between the Northwest River and the Great Dismal Swamp."
Tindell and other neighbors are particularly concerned about potential data center development, noting that Praetorian's website states the company develops "mission-critical assets including data centers, smart campuses, and advanced manufacturing environments."
Chesapeake reporter Erin Holly asked the company about the potential for data center plans. Praetorian Fund provided a general statement emphasizing the property's multiple potential uses and their goal to create a world-class development attracting new businesses, jobs, tourism, and economic development.
Praetorian Fund reports previously conducting two years of research through ongoing discussions with engineers, architects, and infrastructure providers. The execution of the Purchase and Sale Agreement marks a transition into detailed planning and project development phases.
The property's journey from farmland to potential mega-development began gaining momentum in 2016 when City Council approved it as a Transportation Corridor Overlay District Target Area. The 2018 comprehensive plan amendment and subsequent 2022 Coastal Virginia Commerce Park rezoning approvals have paved the way for the current development proposal.
In 2017, WTKR News 3 reported on resident concerns about the city's vision for the megasite. At that time, neighbors voiced worries about the impact of large-scale development on the rural farmland character of the area.
The company states that Praetorian Park will be the first project of its kind in Virginia, integrating smart technologies, innovation, commercial growth, and long-term economic value for both Chesapeake and the Commonwealth. Praetorian Fund promises future announcements will include details about strategic and corporate partnerships, major attractions, job-creation projections, and economic-impact estimates.
The timeline for development phases and specific project details has not been announced yet.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
Click here to see how we use AI at WTKR News 3.
