DMB's Capshaw turns developer eye to Culpeper

CULPEPER — The manager of the Dave Matthews Band has invested in Culpeper.

Music mogul Coran Capshaw, founder of Red Light Management — with offices in Charlottesville, L.A., Denver, London, New York and Nashville, Tenn. — is the main partner in Braggs Corner LLC, the development group overseeing Braggs Corner Station on U.S. 29, according to managing partner Andrew Boninti, principal broker at CB Richard Ellis in Charlottesville.

Boninti said a partnership, including Capshaw and others, purchased the 25 acres across from Eastern View High School in 2007 with the intent of developing a mixed-use project. The ensuing, ongoing recession slowed the initiative that only this year gained its first occupant with the relocation of Culpeper Medical Associates.

Capshaw, who personally manages DMB along with other mega-stars such as Faith Hill, Tim McGraw and Phish, is “a passive investor” in Braggs Corner Station, Boninti said, but an investor nonetheless. Capshaw, in addition to his music interests, is a major Charlottesville-area developer, having built the Downtown Pavilion and renovated the historic Jefferson Theater.

According to Boninti, the partnership that owns Braggs Corner Station also owns the 69 acres on which the new Walmart and Lowes were built in Ruckersville.

When they invested in Culpeper, he said, they knew the new high school was coming and saw it as a desirable site on “a main road leading into Martin’s” grocery store.

“Anywhere on [U.S.] 29 from Charlottesville to Warrenton is a good place to be,” said Boninti, a University of Virginia alum and former co-captain of the UVa basketball team.

He envisioned Braggs Corner Station as including retail uses, “a nice gas station with food,” and eventually a hotel — “maybe the Hampton Inn that didn’t get built across the road,” Boninti said.

“We are long-term holders looking for different uses,” he said, noting the partnership was excited about its first occupant, CMA, new owner of the 5,300-square-foot office at 16240 Bennett Road.

Culpeper Realtor Tom Boyd, of RE/MAX Crossroads, is the local real estate representative for the project. He said the new building partially occupied by the medical office has about 10,000 square feet of additional space that could be subdivided to accommodate other, similar uses.

“This is really a professional office park at the center of the 25 acres,” Boyd said.

He noted that the planned nine-building development was a “condominium structure,” that is, not rentals; its architectural design is Jeffersonian in nature.

The project is aimed at serving commuters, the EVHS population and users of the nearby industrial park, Boyd said. He envisioned a commuter convenience store/gas station, hotel, bank and restaurant.

“The entire project will be like no other place in Culpeper,” Boyd said.

He said he was working on firming up interest from a major service station client.

So what about the Capshaw connection?

“Never met the man,” Boyd said. “But I know he’s famous for Dave Matthews Band, Faith Hill and Red Light Entertainment.”

Last month, Billboard Magazine named Capshaw No. 2 on its “Power 100” list. The prolific Capshaw also has his hand in Bonnaroo, MusicToday, Starr Hill Presents and TBD Records, reports Billboard, which recently recognized him for humanitarian endeavors.

“A bold entrepreneur across multiple businesses, yet painstakingly private (convincing him to be publicly recognized for his good works was no easy task), Capshaw’s reach is broader, deeper and more influential than most realize — and he prefers it that way,” Billboard wrote.

As for his reach at Braggs Corner, the development is coming along, Boyd said.

“It has been going on since 2007, just about the time the world came apart economically,” he said. “Thank goodness the investors were patient. We are starting to see the light.”

Boyd added the sun is not yet entirely up in the real estate business.

“We are able to stay alive and feed our dogs, but buyers are few and far between,” he said. “People that want to sell — there is no end to those.”