A more commercial Magnolia Green in Chesterfield?

Once dubbed "The Green Monster" for the nearly 5,000 homes it would bring, Chesterfield County's Magnolia Green development may end up a blessing rather than a curse.

But first, the county and landowners will need to find a way to bring the Powhite Parkway to the project's front door on Hull Street Road.

Magnolia Green won a controversial rezoning in 1991 as the last act of a lame-duck Board of Supervisors. The plan called for 4,886 homes on the almost 4,000-acre site near Otterdale Road.

County residents and leaders long have braced for the day when Magnolia Green would take off and bring a deluge of new residents to a part of the county where the roads and schools already are congested.

The property was split in two when owner Salvatore J. Cangiano sold 1,898 acres, now known as Lower Magnolia Green, to Lifestyle Homes. He retained possession of the 1,988-acre Upper Magnolia Green.

In recent weeks, Cangiano and others have met with county leaders to discuss the future of his undeveloped portion of the project.

Supervisor Marleen K. Durfee, in whose Matoaca District the development sits, says the conversations have revolved around rezoning the property to accommodate large-scale commercial and office uses with "green" building practices. That would create jobs and revenue for the county.

"We have a rare and unique opportunity to rethink and reframe Magnolia Green," Durfee said, pointing to its potential as a major source of tax revenue.

"There was a time prior to getting elected that I had deep reservations and concerns about Magnolia Green," she said. "The fiscal impact on that amount of housing would have been enormous to the county. Now, I'm very excited about the potential of this project."

Cangiano said he has little interest in the 1,300 allowable homes on his portion of the land. He said he has received inquiries from medical research and development companies and others. He also suggested that a shopping mall and entertainment venue have been discussed.

"This is a terrific location -- a very strategic location -- but in order to develop it, you need the Powhite," he said. "We were approached by a group that was looking to build something like the [20,000-seat] Verizon Center. We said, 'How are you going to get in? A helicopter?'"

The county long has looked at the idea of extending the Powhite Parkway -- which now ends just west of state Route 288 -- another 9 miles to Hull Street Road to relieve congestion and open up economic development potential.

Five years ago, a toll-road extension was considered by the county. Cost estimates then ranged from $200 million to $300 million.

County Administrator James J.L. Stegmaier said the county could discuss the extension only when the developer presented specific plans.

"Anything like the extension of a major road like that would be dependent on a broader proposal," he said. "The county certainly doesn't have the kind of funding available that it would take to do a project that size and scope."

Meanwhile, Lower Magnolia, zoned for 3,550 homes and a mix of commercial uses, also may be shifting its focus from residential.

The development hit a snag this year when lender iStar Financial foreclosed on the project after just more than a dozen homes had been built.

iStar has turned the project over to Henrico County-based Atack Properties Inc. for continued development of the homes and an 18-hole Jack Nicklaus golf course.

Bob Atack, president of the company, said iStar has not decided how to proceed.

"I'm not sure if the plan of the owner is to build all the homes," Atack said. He said details should be coming in the next two months.

Contact Wesley P. Hester at (804) 649-6976 or .