Project Summary
| Project | Great Dismal Swamp |
| Location | City of Chesapeake, Virginia |
| Description | 1,030 acres within the acquisition boundary of the Great Dismal Swamp National Wildlife Refuge |
| Seller | Private Landowner |
| Primary Revenues | 1) Wetland mitigation banking (Dover Farm Mitigation Bank) 2) Endangered species mitigation |
| Secondary Revenues | 1) Sustainable agriculture 2) Recreational leasing |
Project Background
In June 2007, EIP acquired 1,030 acres within the acquisition boundary of the Great Dismal Swamp National Wildlife Refuge in southeastern Virginia. Known as the "Dover Farm," the property has long been one of the US Fish & Wildlife Service’s (FWS) top priorities for conservation in Virginia due to:
- Its significance as the largest remaining, unprotected in-holding in the Great Dismal Swamp National Wildlife Refuge
- The potential for significant ecological uplift through restoration of wetlands that once covered the property before conversion to agriculture
Over 960 acres of wetland were ditched and drained and converted to agricutlure.
For over a decade, the FWS had repeatedly attempted to acquire and conserve the property using traditional conservation means (primarily through federal and state conservation grants). These efforts had been thwarted by the lack of available traditional funding for conservation and restoration, together with the ever escalating value of real estate in the greater Norfolk / Virginia Beach metro area. Recognizing the need for a private solution to the conservation and restoration needs of the property, EIP was asked to bring its capital, expertise, and capacity to provide a solution.
Working with the FWS, The Nature Conservancy, the Commonwealth of Virginia, and the US Army Corps of Engineers, EIP is utilizing the strong demand for ecosystem service credits found in southeastern Virginia (needed to offset unavoidable impacts to wetlands and a state endangered species) to pay for the conservation and restoration of the Dover Farm, as well as generate an attractive return for EIP’s investors. Credits are being generated through the establishment of a wetland mitigation bank (the Dover Farm Mitigation Bank) that has protected and restored over 960 acres of the property's wetlands.
Once all of the wetland and endangered species mitigation credits have been sold, the property will either be conveyed to the National Wildlife Refuge or sold to a private conservation buyer subject to permanent conservation easements. Revenues generated by the sale of mitigation credits are allowing EIP to establish a long-term monitoring and maintenance fund for the property to insure the quality and viability of its restored ecosystems in perpetuity.
Project Location
View Dover Farm Mitigation Bank in a larger map
Primary Components of Value
Wetland Mitigation Banking
EIP has established a wetland mitigation bank (the Dover Farm Mitigation Bank) through the restoration and protection of 963 acres of the property’s wetlands that were previously in agricultural use. The credits generated through the mitigation banking activities are being sold on the open market to entities that need to offset their unavoidalbe wetland impacts. EIP has conveyed a perpetual conservation easement over the mitigation area to The Nature Conservancy.
Endangered Species Mitigation
EIP has established a protected habitat area for the canebrake rattlesnake (Crotalus horridus), a distinct population of the timber rattlesnake that lives in southeastern Virginia. The canebrake rattlesnake is listed as a Virginia state endangered species, and is categorized as a Tier II - Very High Conservation Need in the state's Wildlife Action Plan. The protected habitat area is being used as compensatory mitigation for unavoidable impacts to the species' habitat caused by nearby development projects.
Grading the site to restore hydrology, and planting over 200,000 stems of native hardwood vegetation (spring, 2009).
Secondary Components of Value
Sustainable Agriculture
During the time between property acquisition and the commencement of restoration of the wetlands, EIP leased the farm fields to a highly reputable farming operator.
Recreational Leasing
The property possesses some of the most prime quail, waterfowl, deer, and bear hunting in Virginia. The property had been leased to the adjoining landowner for recreational use, which EIP is continuing.
What The Site Will Be
A healthy, complex hardwood wetland ecosystem, home to many important species, like the state-endangered canebrake rattlesnake.
A healthy, complex hardwood wetland system.
