A Reston-based homebuilder is increasing its Richmond footprint with a new project in Short Pump.
Stanley Martin Homes recently purchased three parcels totaling 16 acres at North Gayton and Kain roads, just west of Pouncey Tract Road, for $3.7 million.
The company will develop the land into a 26-home single-family neighborhood called Wellwood, said Tom Weir, director of sales for Stanley Martin.
With prices starting in the upper $500,000s, the subdivision will add to the company’s other local communities, which include the nearby Reserve at Pouncey Tract, Liesfeld Farm at Bacova and a portion of Collington in Chesterfield County.
The company made its entry into Richmond last year by acquiring those communities from Royal Dominion Homes. It also has homes at Fox Creek in Chesterfield and Stable Hill in Short Pump.
“We’ve made a pretty substantial investment into the Richmond market,” Weir said. “We have experienced some pretty substantial growth in the last year, and Richmond was a great opportunity for us, and we felt like it was a good fit because of the way that we build homes. We felt that the market here was needing what we do.”
The homes at Wellwood will have a minimum of 3,800 square feet of finished space on two floors, with options for a basement and a third floor. Customization is also available for interiors and outdoor amenities.
With zoning already in place, Weir said development would start in the next three to six months, with the company working with local contractors on site work and construction. He said sales would begin in July and are expected to be completed within about two years.
Weir said he did not have information on the overall cost of development or how it is being financed.
“Because of our buying power, we were able to come in and do some things that a lot of other builders aren’t able to do,” he said. “Like this, where we’ll assemble three parcels of land, put it together and develop it ourselves. It makes a difference.”
Weir said the decades-old company has a long-term plan to continue to expand its footprint in the market, keeping an eye out for land to locate its next communities.
“We have our finger on the pulse of pretty much every piece of land that’s coming through the Richmond market right now, and we’re looking to just be in the right places,” he said.
Wellwood would add to other single-family neighborhoods planned in that area of Henrico County. Farther east, HHHunt Communities is proposing as many as 260 homes near Wyndham Forest. That proposal received endorsement from the county planning commission late last week and now goes to county supervisors.