A Hampton Roads developer and builder is gearing up to restart work on a massive Henrico development.
Virginia Beach-based Boyd Homes is in the process of rezoning 140 acres of its 234-acre Castleton development in eastern Henrico County. It plans to build about 500 additional single-family homes off Darbytown Road near Interstate 295.
The Castleton neighborhood began development in 2007, Boyd President David Rudiger said, and started off well. Lots were sold, and Boyd and other builders constructed about 135 homes. Then the recession hit and progress slowed.
Now work is ready to start again.
“Luckily, we have the staying power to ride out those economic downturns and stick to the projects that we started,” he said.
About 88 new lots have already been developed, which will likely keep Boyd busy for several years, Rudiger said.
“We’ve got about 10 years left in Castleton, if home sales stay at the pace they are now,” he said. “We think it’s a great location, and we saw the opportunity to build and bring a higher-level community to the eastern end of the county.”
The homes will range in size, with smaller three-bedrooms coming in at about 1,550 square feet, and the largest homes with five bedrooms and about 3,350 square feet. The lots themselves are at least about 9,500 square feet, and development costs roughl $40,000 per lot.
The homes initially went for about $350,000 before the recession, but now that has dropped to about $240,000, Rudiger said.
“We’re hoping that with the economy picking up, those numbers are going to edge upward,” Rudiger said. “We’ll see what the market does to us.”
The company is currently in the process of rezoning the remaining land. The request is set to go before the Henrico County Planning Commission on Feb. 12. It will then seek approval from the county’s Board of Supervisors.
This is not the first time the Virginia Beach developer has done work in the Richmond market. It has been planning Liberty Landing, a 450-home community in New Kent County for more than seven years, and it is also working on a 600-unit apartment complex in the Stonebridge development.
“We think it’s a great market, and we’re planning on being around in the Richmond market for a long time to come,” Rudiger said.