A local builder has replaced a Maryland firm in the last phase of a high-end Chesterfield subdivision.
Eagle Construction of Virginia has taken over construction in the Forest Park section of Founder’s Bridge from Bethesda-based Winchester Homes.
In the spring, Winchester began the process of purchasing much of the land for Forest Park where it planned to build 37 single-family homes. It finished one model home before leaving the project.
The Forest Park section is owned by Markel | Eagle Partners, a local private equity fund that invests in real estate projects and had, until 2013, been a sister company of sorts to Eagle Construction.
Eagle Construction took over the contract from Winchester and is buying the finished lots from Markel | Eagle.
“We thought it was a tremendous opportunity,” said Steve Settlage, president of Eagle Construction.
Winchester Homes Executive Vice President John Monacci would not comment on the company’s work in the Richmond area.
Winchester went through a merger in July in which its parent company, the Weyerhaeuser Real Estate Co., merged with California-based TRI Pointe Homes in a $2.8 billion deal.
Founders Bridge sits on the border of Chesterfield and Powhatan counties. The 600-acre neighborhood was established in 2001, and Markel | Eagle purchased the last chunk of land for development in 2013.
According to Chesterfield County records, Markel | Eagle bought 66 acres from GrayCo in 2013 for $1.7 million.
The Forest Park project consists of 34 lots, all averaging at least one acre. Settlage said Eagle will be building custom homes rather than one standard product.
“It takes Eagle to an area that has a lot of potential, and it’s a good opportunity to reach that market,” Settlage said.
He said he expects the homes to range between $600,000 and $900,000.
Eagle’s other current projects include a $35 million phase in a large Virginia Beach development, and it began selling lots in some of its Richmond neighborhoods, including Parkside Village in Goochland and Hickory Place in Short Pump.
Markel | Eagle is keeping busy with its investment in an ongoing $100 million mixed-use development in Northern Virginia.