Waters Place

In the heart of historic downtown Culpeper, VA, Octagon is renovating two contiguous buildings to create Waters Place, the town’s premiere mixed-use development and first new market tax credit transaction. The Waters Place buildings, constructed in 1921 and 1931, were originally warehouses near Culpeper’s train station and later became the town’s lumber mill and hardware store. Unused for years after the lumber mill closed, the buildings sat vacant until 2007, when Octagon Partners purchased the property in an off-market transaction.

Octagon commenced renovations of the two-phase development in July 2009, and the first residents moved in during July 2010. A building that boasts tall ceilings, secure parking, & floor-to-ceiling windows, Phase I consists of one one-bedroom apartment, seven two-bedroom apartments, three three-bedroom apartments, and 6,000 sq ft of office/retail space. Octagon will begin construction on Phase II of the development in Q1 2011. Phase II will feature three one-bedroom units, 10 two-bedroom units, and 12,000 sq ft of office/retail space.

Waters Place fuses the affordability and charm of small-town living with the ability to commute to Washington, DC in less than an hour. The Culpeper Amtrak Station, located just steps from Waters Place, has daily commuter trains to and from DC, yet Culpeper is also a short drive from idyllic wineries and wine festivals. Horse races like Foxfields in Charlottesville or the Montpelier Hunt Races in Montpelier are less than an hour’s drive, and the town’s proximity to the Blue Ridge Mountains, lakes, and rivers makes it convenient to outdoor recreation.

If you’re interested in exploring how Waters Place is the right fit for you or your business, please visit http://watersplacecondos.com or contact Mark Mascotte at 434-825-8610 or mark@octagonpartners.com.

Project Timeline:

Phase I

• Purchased building and land in June 2006
• Design and pre-construction phase from July 2006 to August 2008
• Phase I demolition, core build-out, and residential units finished from September 2008 to May 2010 (including nine-month redesign of all units)
• Unit leased May 2010

Phase II

• Design and pre-construction phase from February 2010 - Current