A developer at Bay Creek has broken ground on a beach club and fitness center at the Chesapeake Bay community on Virginia’s Eastern Shore. The 19,000-square-foot facility is under construction in Bayside Village, Bay Creek’s newest neighborhood. Bay Creek South LLC, whose majority partner is Keyser Capital, will own the new facility.
Amenities will include a 4,800-square-foot fitness center, a members’ lounge, indoor pool and two outdoor pools. The opening of the two outdoor pools and the fitness center is scheduled for summer 2013 with the remainder of construction to follow the busy summer season. “This Beach Club is an important addition to our amenities package,” said Oral Lambert of Bay Creek South.
The development comes at a time when suits and countersuits ahve been filed. One of Bay Creek’s original investor developers has filed several suits in Virginia Beach Circuit Court, alleging among other things, that the Bay Creek Community Association has failed to provide routine maintenance. The association’s representatives, in counter suits, say those allegations aren’t true. Bay Creek was envisioned as a 3,000-home development, with a marina, two golf courses, and upscale shops and restaurants. While the golf courses and marina got built, the housing market slowed after the recession in 2008 and property values fell.
Bay Creek South LLC’s foundation continues to be strengthened Keyser Capital, a Baltimore-based private equity and real estate investment firm that bought a 50 percent stake in the sourthern portion of the project in 2008. Keyser is a wholly-owned subsidiary of Sinclair Broadcast Group Inc., a large, diversified television broadcasting company. “This has remained a very strong partnership,” said Lambert. “Keyser Capital’s investors have demonstrated their confidence in Bay Creek as well as the growth potential of the Eastern Shore.”
Recent projects on the shore have fueled optimism for a growing real estate market. These developments include NASA’s growth plans at Wallops Island, the dredging initiative and major improvements of the Cape Charles Harbor.
Encompassing 1,729 acres, Bay Creek currently has nine existing neighborhoods and a golf resort adjacent to the historic town of Cape Charles on the Chesapeake Bay. The golf courses, designed by Arnold Palmer and Jack Nicklaus, are nationally ranked.
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