A 475-acre development 10 years in the making is entering its final phase.
Locally based TerraForge Communities broke ground this month on Greenwich Walk at FoxCreek, the third and final section of the expansive residential project off Hull Street Road in Chesterfield County.
Marketed for residents 55 and up, Greenwich Walk will consist of 450 townhomes and cottage- and villa-style detached homes on 85 acres at Otterdale Road and a future extension of Village Square Parkway, just west of Cosby High School.
A ceremonial groundbreaking was held earlier this month, and site work has started on the site, which will feature walking trails, a 10-acre lake with a boardwalk, a 1-acre events lawn and a 4,000-square-foot clubhouse with an infinity-edge pool and fitness center.
The section marks a milestone for the 1,500-home FoxCreek, which started work on its first section – the 500-home Estates at FoxCreek – in 2006, just before the market downturn. A second section, Wynwood, totals 590 single-family homes.
“It was tough times for a while,” said TerraForge president David Cloak, who noted the company’s private equity backing from a group of local and national investors. In 2011, local private equity fund Markel | Eagle Partners invested $2 million in the development’s first phase. And in 2014, TerraForge closed a deal with a Miami-based real estate investor, Rialto Capital Management.
Cloak said that backing, along with strict architectural standards and amenities put in early, helped FoxCreek weather the economic storm.
“Our business strategy overall is to do the majority of our community development with our own equity,” he said. “That provides a more stable capital environment for us than using bank financing for large-scale private development.
“One of the primary success factors about FoxCreek specifically has been the design of the community, the overall feel of the community amenities, and our builders,” he said. “We have very strict architectural controls in all of our communities, so our homeowners feel very secure about their property values and their investment. That’s really what made us successful even through the real estate downturn: putting those amenities in early and being very diligent about the architectural controls of the community.”
FoxCreek has involved such builders as HHHunt, Ryan Homes and Stanley Martin Homes, which are currently building homes in the Wynwood neighborhood. About 50 of the 590 homes planned for that section have been built thus far. And Ryan Homes, Toll Brothers and Eagle Construction of Virginia were involved in the Estates, with Ryan and Eagle currently finishing the last of those 500 larger-lot homes.
HHHunt and StyleCraft Homes are on board for Greenwich Walk, which will include townhomes ranging from 1,200 to 1,330 square feet in size, cottages between 1,600 and 2,500 square feet, and villas ranging from 1,940 to 2,200 square feet. The townhomes will start in the mid-$200,000s, and the cottages and villas will start in the low $300,000s.
“We’ve been collecting a very strong interest list from potential purchasers there, and we’ll have a grand opening sometime this summer, once our builders have their models open,” Cloak said.
The project includes an extension of Village Square Parkway that will provide an additional access for Cosby High School. The parkway currently dead-ends at the school and will be extended to connect with Otterdale Road. Cloak said the second phase of that project will be completed in the next two years.
Cloak said the completion of Greenwich Walk will mark the same for FoxCreek overall, with buildout expected in the next five to seven years. Once complete, about 5,000 people will call FoxCreek home, he said. He put the overall development cost for FoxCreek at $800 million.
In business in Richmond for 14 years, TerraForge has developed several large-scale planned communities. It is currently about halfway through with Watermark, a 740-unit condo and townhome development off Iron Bridge Road, and it is also developing Silverleaf, a 650-unit community off Hopkins Road.
FoxCreek is one of several massive communities that are adding to a building boom in southwestern Chesterfield. Across Hull Street Road, Mark Sowers is developing the 2,000-home Harpers Mill on 1,200 acres.