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Projects Timing Just Right in Richmond, VA


Richmond Homepage: Real Estate Homepage




BY ANDREW PRICE
TIMES-DISPATCH STAFF WRITER
Friday, September 23, 2005

The timing was right for a new development in Prince George County, Randy Simmons figured. With pent-up demand in the area for affordable housing and an influx of new home buyers coming to work at nearby Fort Lee, it was a good time to start developing The Meadows at Prince George subdivision, said Simmons, president of High Peak Partners LLC, the project's developer.

The 387-home development, to be built off Sandy Ridge Road near state Route 156 in Prince George, will feature homes in the $185,000 to $225,000 range with builders contributing to closing costs. The Meadows at Prince George will be the county's second-largest housing development. The subdivision, on 286 acres, will have homes built mostly on wooden lots. Simmons said construction should begin in mid-November, with the first homes completed during the first quarter of 2006. Lots will go on sale before the end of the year, Simmons said.

Plans for the project were already well under way before the Base Realignment and Closure Commission recommended adding nearly 7,400 additional personnel to the army base. President Bush recently endorsed the committee's plans. The announcement, along with an additional 1,100 soldiers who will arrive at Fort Lee within the year, should give his development a boost, Simmons said. Simmons said he plans to appeal to the new soldiers by encouraging them to make an investment by purchasing a home during their stay at Fort Lee as opposed to renting.

The Meadows at Prince George also should help address affordable housing needs in the county, said B. Leon Hughes, Prince George's planning director. "We need housing choice. That's what the county really needs," Hughes said.

The project will be built in four phases. The first phase will feature about 80 lots. When half of the lots in the first phase are sold, homes will be sold for the second section. Selling in each subsequent section will take place when half of the lots in the previous section have been sold. The last three phases will feature between 80 and 100 lots. Hughes, the county planner, said the site plans are being reviewed by the county. The project is "extensive" and deals with "real environmental challenges because of the topography." When the plans are approved, building can begin, he said.

The Meadows at Prince George will not be your cookie-cutter subdivision either, according to the developers. The builders are offering homes with eight different models with one or two different elevations. The homes will offer three to four bedrooms from about 1,430 square feet to 2,600 square feet. Additionally, homes can have one- or two-car garages and fireplaces, hardwood floors and a brick exterior can be added. There are standard-size decks on the backs of all models. The Meadows at Prince George also will feature multiple common areas, including a four-acre open field.

But it's more than the affordable costs that lead Simmons to believe this development will succeed. The location is one reason. It is close to Fort Lee and Hopewell and about 25 miles southeast of the city of Richmond. Another reason is a partnership featuring four of Chesterfield County's top builders: Ray A. Williams Custom Homes, Capitol Builders Inc., Huguenot Builders Inc. and Showcase Builders Inc. Simmons said these four builders have a history of working well together.

This should benefit the homebuyer because the builders "are not fighting for prices, everyone is on the same page," Simmons said. The lots are split equally between the four builders. When a prospective buyer picks a lot, the builder whose lot is selected would then build the house. "Their collaboration on these different house plans will actually further improve quality," said Stephanie Harlow, marketing director for The Meadows at Prince George. "This allows homebuyers to choose their lots and style they prefer." Coldwell Banker Vaughan & Co.'s Preston Hall, a site agent, said the development will be a part of an association.

The association is not designed "to be in control but to protect the homeowner," he said. Houses side-by-side would not be the same color, Simmons said. The fees would cover the cost of park and common-area maintenance.

Another reason why the Meadows at Prince George might be a hit is its "one-stop shopping process," the developers say. This option allows the purchaser to have legal, insurance and financial processing all taken care of onsite in minutes by Coldwell Banker Vaughan & Co.'s concierge service.

The real estate agency is leading the sales behind the development. "Working a deal is so much easier . . . you have your hands on everything," Hall said about the one-stop process. "Selling a house is one thing, closing on time is the most important to buyers and one-stop shopping helps that." This takes away some of the fear of the unknown, especially for a first-time home buyer, Simmons said.

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