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News release

STAUNTON, VA

Staunton Partners with Jones Lang LaSalle to Market Gateway Project

International real estate company selected to market 295-acre premier commercial mixed-use opportunity in central Virginia at junction of I-81 and I-64


STAUNTON, VA, May 16, 2012 – Jones Lang LaSalle (NYSE:JLL) will join the City of Staunton in marketing the Gateway property, a premier, commercially-zoned site at the junction of I-81 and I-64 in Virginia.  The 295-acre site is one of the largest commercial real estate zones available in Virginia with double interstate access.

Staunton Gateway is intended to be central Virginia’s first “next generation” mixed-use development, featuring office and technology; hospitality; destination and regional retail; light industrial; higher education; and residential housing and greenways.

Specifically, Jones Lang LaSalle will support Staunton in its effort to find a development partner or partners that will take a thoughtful, long term and community-minded approach to development of the Gateway site and its various components.

“The economic development authority required a firm with national and international reach to help us market the property.  We have that with Jones Lang LaSalle, as well as experienced real estate advisors with an objective viewpoint, who can guide us in achieving the most compatible and economically sustainable use for the site on behalf of Staunton,” said Robert Baldygo, Economic Development Authority Chairman for Staunton, Virginia. 

“Given the location of the property, its access to more than 3.5 million people within 100 miles and the reputation of Staunton as one of America’s best small cities, this site is a terrific opportunity for a best-in-class developer,” said Stan Manoogian, Senior Vice President, Jones Lang LaSalle. “Developers of distinction will be attracted to this site for its potential location and the opportunity for contextual placemaking.”

Staunton has many of the amenities of a larger city without the hassles or expense. The city offers a culturally rich downtown district, beautiful neighborhoods, quality schools, large urban parks, and award-winning healthcare.

In 2012, Smithsonian magazine rated Staunton as “one of the best small communities in America.” Travel + Leisure says Staunton has “one of America’s greatest main streets.”  Site Selection magazine ranked the Staunton area as the number one micropolitan economy in Virginia.

“Staunton boasts a thriving art and music scene, fast access to some of the best outdoor recreation on the East Coast, and one of the most authentic farm-to-table culinary experiences in Virginia,” added Baldygo.

Key facts about Gateway project and its location:

  • Excellent access to I-81, I-64 and Route 250.
  • One of the largest commercial-zoned properties in Virginia located at the interchange of two interstates.
  • Lower cost of living alternative to DC, Northern Virginia, Richmond and Charlottesville.
  • 70,000 students at 11 colleges and universities within 35 minutes.
  • Excellent location for corporate offices and educational satellite facilities. Development objective plans integrated uses: office, retail, lodging, dining, and entertainment facilities.
  • Centrally located in one of Virginia's most travelled year-round tourism destinations – near Shenandoah National Park, Blue Ridge Mountains, and the Shenandoah Valley.
  • Population within 100-mile radius is 3,624,123 with $74,496 average HH income.
Staunton City Manager Steve Owen is optimistic that the new partnership with Jones Lang LaSalle will enhance the opportunity for the best possible project outcome.  “We believe Virginia’s economy has weathered the worst of the recession, and now is the right time to increase our efforts given recent interest in the property from potential developers,” said Owen.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.

About Staunton, Virginia
Staunton is a dynamic city located at the crossroads of Interstate-81 and Interstate-64 in the Shenandoah Valley of Virginia. Close to Richmond and Washington DC, Staunton offers a wide range of healthcare, education, and cultural amenities, with a relatively lower cost of living. Known for history, architecture, performing arts, and culinary delights, Staunton is ranked “One of the Best 20 Small Towns in America” by Smithsonian magazine. Site Selection magazine ranks the Staunton area as the #1 micropolitan economy in Virginia for 2011. More information at www.stauntonbusiness.com