Westphalia Dev. Corp. Zoning & Entitlement Developments and Personnel Update

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today important information pertaining to the Corporation’s assets, along with some personnel updates. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States. The Corporation is managed by Walton Global Investments Ltd. (the “Manager” or “Walton Global”).

Zoning & Entitlement Development

The Corporation is pleased to announce the unanimous approval of its Commercial Infrastructure Detailed Site Plan for the Westphalia Town Center Master Plan by the Maryland-National Capital Park and Planning Commission (the “Approval”). The Approval is the result of collaboration between the Corporation and the Manager with the Westphalia community and the Prince George’s County government and political leadership, who have worked together in partnership to advance the project. The Westphalia Community and the political and government leadership were instrumental in completing the Approval process.

The Corporation believes that receipt of the Approval is a major step towards bringing a vibrant mixed-use project to the Westphalia community, which is expected to include a grocery anchored shopping center with vital retail and restaurant uses. Additionally, the project is expected to consist of an exciting and much needed mix of multifamily homes, townhomes, and a hotel.

Personnel Update

The Corporation announces that Justin Burch has resigned as the Chief Financial Officer of the Corporation as of December 1, 2023.

Autumn Habermehl has been appointed as Chief Financial Officer of the Corporation effective January 1, 2024. Autumn is a Chartered Professional Accountant and has a degree in Business Administration. Autumn has been with Walton Global since 2017 and began working on the Westphalia project beginning in Q3, 2020. Before joining Walton Global, Autumn was the controller of an insurance and home warranty brokerage in Edmonton, Alberta.

About Walton Global

Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With approximately 45 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$3.37 billion in assets on behalf of its global investors, builders and developer clients and industry business partners. Walton has more than ~90,700 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.

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This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Contacts

WESTPHALIA PROJECT CONTACT:
Walton Global Holdings, LLC

[email protected]

MEDIA CONTACT:
Allison+Partners

[email protected]