The St. Charles Companies today released the results of a commissioned Fiscal Impact Study by Sage Policy Group, Inc. that concludes the 9,200 acre St. Charles community had a $76.2 million net positive fiscal impact on the Charles County economy between 2007 and 2013. The master planned community – the best-selling new home community in Southern Maryland – takes pride in continuously fulfilling its commitments and promises under Docket 90, the legally binding zoning indenture enacted by mutual agreement with Charles County in 1972.
“Since 1972, St. Charles has kept its promises to Charles County. This study reaches the same conclusion as four previous fiscal analyses: that revenue generated for the county government exceeds the expenses Charles County incurs in providing services to St. Charles' residents and businesses," said Matthew M. Martin, President of The St. Charles Companies. "The promise we make to provide a tax base that supports our ongoing residential development makes our mixed use community unique from other, stand-alone residential communities, and the study shows we continue to deliver on that promise."
Key findings of the study:
• St. Charles generated $76.2 million in net revenue for Charles County during the study period, 2007 to 2013.
• Despite the Great Recession, St. Charles contributed net revenue to Charles County for every year of the study period.
• Property values in St. Charles declined less in St. Charles during the Great Recession than in the county as a whole.
• Neighborhood schools in St. Charles continue to save Charles County millions in busing costs.
"This study demonstrates that our planned community contributes in a highly impactful way to the health and vitality of Charles County,” said Mr. Martin. “Through Docket 90, St. Charles has contributed land for schools, parks, libraries, charities, and public safety; built a road network that is used by residents throughout Charles County; and established a commercial base that is the foundation for the county's tax base. With more than $100 million in land and infrastructure contributions benefitting Charles County, and a thriving business community, St. Charles is a textbook example of how smart, well-planned, mixed used communities maintain long term value and appeal--and benefit the counties that have the foresight to include and support them in their master plan to manage growth."
"We are especially proud of the conclusions of this study," said Mr. Martin. "Because it covers the period of the Great Recession, the report demonstrates how St. Charles helps stabilize the county fiscally during hard economic times. The report concludes that our future is bright, and that the benefits to the county will increase as property values and average wages improve, and the county realizes the fiscal benefits of the CPV St. Charles Energy Center."
"These findings, tied with the previous studies, lead to one indisputable conclusion: St. Charles is smart growth for Charles County," said Mr. Martin.
The full report can be read at http://www.stcharlesmd.com/promises-kept.
St. Charles, MD is the best-selling new home community in Southern Maryland and is considered one of the most successful master planned communities in the Country, recently ranked 42nd* by industry data firm, John Burns Real Estate Consulting, in their independent ranking of the Top Selling Master Planned Communities of 2014 across the nation. Over the past few years, St. Charles was featured several times in The Washington Post and was profiled alongside the Washington area’s top master planned communities in The Washington Times (Master-Planned Towns, Age 50, Innovative Still). St. Charles has achieved record-level sales in recent years as buyers and renters recognize the advantages of a mixed-use community with unique features such as the Regency Furniture Stadium, the new West Waldorf library, and the new St. Charles High School. Named by CNN’s Money Magazine as one of the top twenty small cities to live in America, St. Charles is known for its diverse and abundant neighborhoods, lively retail centers, recreational opportunities and excellent schools. St. Charles appeals to all ages and lifestyles and was named by U.S. News and World Report as one of the nation’s top bargains for places to retire. St. Charles invites you to like us on Facebook at St. Charles MD or visit us at www.stcharlesmd.com.
The St. Charles Companies includes American Community Properties Trust, The Apartments of St. Charles, American Land Development and St. Charles Community, LLC. The St. Charles Companies’ lines of business include the residential and commercial development of St. Charles, a 9,100 acre planned community in Charles County, Maryland and the ownership of an operating apartment portfolio of approximately 2,500 units in St. Charles.
Federal Capital Partners® acquired The St. Charles Companies in December 2009. FCP is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.
*Building Market Intelligence by John Burns Real Estate Consulting, January 16, 2015