New construction at Potomac Shores continues to move forward as the 1,920-acre mixed-use community 30 miles south of Washington, D.C., recently welcomed Brookfield Residential and Pulte Homes to the homebuilder lineup. They join NVHomes and Ryan Homes, which together have sold over 400 homes and sold-out three neighborhoods over the past three years.
Potomac Shores is being developed by SunCal, one of the largest real estate development companies in the U.S. that specializes in large-scale, mixed-use master-planned communities.
"We're pleased to add more top-caliber builders with outstanding reputations to provide even more new-home offerings to buyers at Potomac Shores," said David, Senior Vice President, SunCal. "This community is set in a beautiful location along the Potomac River, it offers terrific amenities that include the Jack Nicklaus Signature Golf Course and new Shores Club recreation complex, and it was recently honored as 2016 Community of the Year by the Northern Virginia Building Industry of America."
Brookfield Residential is offering single-family homes at The Woods in the Southern Neighborhoods development area, and this will eventually result in 161 new residences being added to the community. These homes in their Woods Edge and Woods Bend enclaves are among the first to be constructed in the new Southern Neighborhoods. Brookfield Residential opened March 3 in their new showcase model featuring voice-controlled home automation.
Pulte Homes will soon be building 231 townhomes in Fairways Ridge, the last remaining planning area of The Fairways, which is in the Northern Neighborhoods development area. These will be the first townhomes offered in The Fairways. This highly desirable area is aptly named because of its proximity to the 18-hole Potomac Shores Golf Club and scenic views of the lush fairways that many homes offer. The Fairways is also close to the new Shores Club fitness and recreation center that is exclusive to Potomac Shores residents.
Over the past three years, NVHomes has been building single-family homes in The Fairways district in the Northern Neighborhoods development area. It currently has two single-family neighborhoods open for sale at Fairways Overlook and Fairways Crossing; one other neighborhood has sold out.
Ryan Homes is also in its third year of building at Potomac Shores, and it currently has two single-family neighborhoods open for sale at Fairways Cove and Fairways Crossing; two other neighborhoods have been sold out. Ryan Homes will also start constructing new homes this spring in The Woods district, with an expected summer opening of the models for single-family residences, villas and townhomes.
Reported by PR Newswire (March 15, 2017)
For complete contact information for all offices and key personnel of Pulte Group, Brookfield Residential, NVHomes and Ryan Homes refer to The National Builders Directory and online database.
Pulte Homes has received formal approval to build 128 homes on a portion of the former Cuneo grounds in Vernon Hills, Ill., as part of an arrangement that also will provide millions of dollars for upgrades to the estate's 100-year-old mansion.
Originally envisioned as a private, gated community, several aspects of The Residences at Cuneo Mansion and Gardens development were revised and tweaked during a two-year process that led to Tuesday's village board approval.
Trustees unanimously gave the go-ahead for rezoning and other measures that will allow Loyola University Chicago to sell Pulte about 53 of the site's 97 acres for development.
The property will be sold in two pieces, with the first closing expected this summer. Building would occur in two phases, with 66 homes followed by 62 homes.
"This really was a culmination of over two years' worth of efforts between Loyola, the village and Pulte Homes on the proposed development, as well as the preservation and maintenance agreement which will help fund the preservation required for the Cuneo mansion," said Assistant Village Manager Joe Carey.
Various details, such as final engineering and landscape plans, still need approval from the village planning and zoning commission. But the board's preliminary approval of the plan was what Pulte and Loyola have been waiting for.
"The ball is rolling," said Michael Loftsgaarden, project manager for Loyola.
In past discussions, Pulte representatives described the project as a one-of-a-kind, high-quality development at the southwest corner of Milwaukee Avenue and the EJ&E railroad tracks. But village officials had several concerns about Pulte's proposed gated entrance, private streets, the architectural style of the homes and other matters.
The Cuneo Foundation in 2009 donated the grounds and massive Italian villa-style mansion and its contents -- valued at $50 million -- to Loyola, with the caveat that it be maintained for at least 20 years. The intent from the beginning was to sell a portion of the land and use the proceeds to create a self-sustaining campus.
But before approvals for Pulte were forthcoming, the village required $3 million be set aside and used by Loyola for repairs and improvements so the mansion could reopen to the public.
Eventually, the mansion will be open to the public eight days a month, according to Loftsgaarden, but major work, such as replacing the main flat roof and skylight above the Great Hall, will be required.
Reported by The Daily Herald (March 8, 2017)
For complete contact information for all offices and key personnel of Pulte Group refer to The National Builders Directory and online database.
Mill Creek Residential acquired the development site for a 297-unit apartment complex in Miami’s Edgewater and plans to break ground soon.
Five land owners — N5 Holdings LLC, 24 on the Bay Two LLC, Prive Opportunity Investments Two, Edgesun 455 and Luis Cresencia — received $20.5 million from Boca Raton-based Mill Creek Residential for the 2.44-acre site, said Hernan Leonoff, a principal of MG3 Developer Group. Hollywood-based MG3 and Aventura-based Prive Group were among the owners in the selling group.
Mill Creek Residential Senior Managing Director Jeff Meran said his company obtained a $61.8 million construction loan from PNC Bank for the project, dubbed Modera Edgewater. He plans to start site work soon and complete it in two years.
The property is located at 10, 418, 426, 434, 442, 452, 460 and 470 N.E. 25th Street and 411, 421, 427, 439, 449 and 455 N.E. 24th Street.
“We love the location in the Edgewater market,” Meran said. “It is an up-and-coming urban location right off the bay. The area, while it has a lot of development activity, is definitely in need for some high-end luxury apartments.”
Designed by Corwil Architects, the 8-story building would total 477,626 square feet with 297 apartments and 436 parking spaces. The unit mix would break down to 18 studios, 114 with one bedroom, 16 with one bedroom plus a den, 106 with two bedrooms and 43 with three bedrooms.
Reported by South Florida Business Journal (March 7, 2017)
For complete contact information for all offices and key personnel of Mill Creek Residential refer to The Directory of Multifamily Builders & Developers and online database.
Neal Communities is making another attempt to develop more than 500 acres east of Interstate 75 in Sarasota, Fla., into what is slated to be called Grand Lakes. This time plans will include plans for more affordable housing.
Lakewood Ranch-based Neal Communities recently bought the agricultural land two miles south of Clark Road, in south Sarasota County, for $20 million, with plans to use Sarasota County’s long-range growth overlay — Sarasota 2050 — to build up to 1,100 homes.
The firm’s consultant Kimley-Horn and Associates hosted a neighborhood workshop on the project on March 6.
The move comes four months after county commissioners denied a component of an initial application that swayed from Sarasota 2050’s full affordable housing requirement.
Last year, Neal sought to build 788 homes on the site. Leisa Weintraub, vice president of marketing and creative director of Neal Communities, says the homebuilder is creating a new affordable housing product for the project, but declined to provide specifics.
Sarasota 2050 is a voluntary development process that allows property owners to add more density to proposals located east of I-75, with regulations intended to promote walkable, environmentally-friendly developments.
Reported by the Business Observer (March 6, 2017)
For complete contact information for all offices and key personnel of Neal Communities refer to The National Builders Directory and online database.
Warmington Group has announced new Presidents in its two California divisions. As of January 1, 2017, Tom Hildebrandt is President of the Costa Mesa-based Southern California division and Ryan Gerding is President of the San Ramon-based Northern California division.
Previously, Hildebrandt and Gerding were serving as Division Vice Presidents and this move represents a promotion in leadership and supports Warmington’s growth and diversification goals throughout California.
In announcing the promotions, Warmington Residential President, Matt Tingler, said that both Tom and Ryan had been instrumental in the leadership and success of their divisions and that the ascension to a presidential post was a natural progression.
“As Warmington Residential continues to pursue growth via new acquisitions, Tom and Ryan are the right leaders to help us achieve our goals and I am pleased to announce their new roles. I am confident that the company will excel and expand under their direction in the regions they oversee,” Tingler said.
Tom Hildebrandt was named Division Vice President in Southern California in January 2015. Under his leadership, the division acquired six deals with more than 375 units and a total projected revenue of more than $250 million. This includes Trellis and Canopy at Esencia in Rancho Mission Viejo, and Opus at Beacon Park in Irvine’s Great Park Neighborhoods, in addition to two projects slated to open this year in Los Angeles, The E.R.B. in Eagle Rock and The Glen in Valley Glen. He also guided the efforts on a 9.7-acre former school site property in Cypress that was rezoned and redeveloped into a residential tract approved for 47 single-family homes and a 2.9-acre city park and then sold to another builder for in excess of $15 million.
Additionally, during this time, Tom helped facilitate the successful close-out of three single-family communities (193 units) representing a total consideration of about $100 million. Hildebrandt joined Warmington in 2006 as Land Acquisition Manager and continues to oversee and have direct involvement in all of the Southern California land acquisition and disposition efforts including most recently the sale of 178 entitled lots in three developments that were sold in separate land transactions worth more than $23 million.
Tingler added, “Tom is a natural leader and the Southern California division is in excellent hands and well prepared to meet any challenge under his direction as we continue to grow and pursue a strategic diversification plan that calls for building out some properties and entitling and selling others.”
Ryan Gerding was Division Vice President in Northern California since 2015 and since that time has essentially led the day-to-day management and oversight of that division’s land acquisition and disposition efforts. He joined Warmington as Director of Land Acquisition in 2010 and has maintained an impressive track record in this area. This includes the acquisition and entitlement 674 lots. Gerding has facilitated the sale of 430 lots in the past few years and has closed 15 escrows over the past five years. In the second half of 2016, Warmington’s Northern California division completed three land transactions worth more than $40 million under his guidance. Further, the division built and closed out two projects, Annie Street in Daly City and Talamore in Fremont, and opened Driftsong at Wallis Ranch in Dublin. Trestle, also in Wallis Ranch, will open this month.
“Ryan is extremely bright and intuitive and I have great confidence that the Northern California division will reach its fullest potential under this leadership. We anticipate continued success with new acquisitions, land transactions, projects and home sales,” Tingler said.
In 2017, Warmington will continue to aggressively pursue new land deals throughout California and will maintain its focus on off-market and infill opportunities with an emphasis on unique projects including properties with remaining entitlement or other issues.
Reported by Company Press Release (March 2, 2017)
For complete contact information for all offices and key personnel of Warmington Group refer to The National Builders Directory and online database.