A 142-acre golf course in Leesburg that has operated since 1968 could soon be the site of a new development.

Arlington-based CalAtlantic Homes is under contract to purchase the Westpark Golf Club near the intersection of Harry Byrd Highway and South King Street in Leesburg, the Loudoun Times-Mirror reports.

City & Suburban Real Estate Brokerage principal Christopher Reynolds represented the owner, Leesburg Westpark Hotel Associates L.P. The sale price was not disclosed, but the property had a listing price of $6.2M.

The buyer plans to present its development plans at a community meeting Dec. 2. Under its current zoning, the site could be developed to include 27 estate-sized residential lots, a 247-room hotel, a corporate campus, an assisted living facility or a retail center of up to 100K SF. The commercial uses would be limited to an eight-acre parcel along the highway.

Leesburg considered buying the property to preserve it as a public golf course, but concluded that it would need at least $1.5M in capital improvements, and the expected revenue from the course would not cover the operations and other costs.