Homes in Gardenbrook will range from a 1,700-square-foot home one homebuyer has requested to 3,000 square feet. (Rendering courtesy Balducci)
The brothers Balducci are at it again in Mechanicsville.
The development team of four second-generation builder-developers is getting started on its latest residential project: a 49-home subdivision off Compass Point Lane just north of Mechanicsville Turnpike.
Balducci Builders, led by Chris and Dennis Balducci, is developing the 15-acre site they’ve been holding onto since 2007, when they purchased it for just over $900,000. Older brother Rick Balducci sells the homes through his real estate brokerage, Balducci Realty, and a fourth brother, David, is also involved in the family’s developments.
After sitting on the property for the past nine years, Chris said the market is now right for Gardenbrook, the subdivision they’re building between two established neighborhoods: Summergrove and Cherrydale.
Chris, left, and Dennis Balducci.
“We bought this property, not by choice, right before the recession,” Chris noted. “And because of the recession, we decided not to develop it then. It would have been fruitless. So we’ve had it in inventory for quite a while.”
Added Dennis: “The location is unbelievable. It’s in very close proximity to shopping, restaurants, Hanover County schools. If you want to build in this particular area, you really can’t get a better-located spot than where we are right now.”
Homes in Gardenbrook will range from a 1,700-square-foot home one homebuyer has requested to between 2,500 and 3,000 square feet, which they said would be the target for the bulk of the custom-builds.
Styles will include Craftsman and traditional designs, and prices will start in the $300,000s. Work is underway on a Craftsman-style model that Rick said is valued at about $450,000.
“We’re not really catering to the first-home buyer,” Rick said. “We’re catering to the second and third, and even the empty-nesters.”
The 15-acre site includes a pond and will feature a walking path and playground. Development will include curb-and-gutter streets and sidewalks, paved driveways, and water and sewer connections.
Chris put the total development cost at $1.5 million. They worked with David Fahy of Village Bank on financing. Local firms involved in the project include Pella Windows & Doors, lumber supplier Ruffin & Payne, and Ferguson, which is providing appliances, plumbing and lighting.
A site plan of the 15 acres, which the Balducci’s purchased for $900,000 in 2007. (Courtesy Balducci)
Gardenbrook is the 15th residential development for Balducci Builders, which has been in business in Mechanicsville for 30 years. Following in the footsteps of their builder-developer father, Rino Balducci, Rick started in real estate in 1978, while Chris and Dennis founded their company in 1986.
The brothers recently finished Morning Glory, a 31-lot subdivision in Mechanicsville’s Lereve Manor. Other communities have included Cedar Crest in King William County, where Rick said they’ve sold nearly all of its 136 lots.
“We’ve had our best year out there since 2008,” he said. “We’ve had 10 closings in there already this year, and we’ve got four or five more to go.”
As work starts on Gardenbrook, Rick added that the brothers are always on the lookout for their next project. He said they’re currently eyeing about 100 acres in Studley, the community in Hanover where all of the brothers reside.
“We’re actively looking at things,” he said. “We’re not Rockefeller, and with that recession we had to pull back a little bit, but when we see something that strikes our fancy, we go after it.”
Homes in Gardenbrook will range from a 1,700-square-foot home one homebuyer has requested to 3,000 square feet. (Rendering courtesy Balducci)
The brothers Balducci are at it again in Mechanicsville.
The development team of four second-generation builder-developers is getting started on its latest residential project: a 49-home subdivision off Compass Point Lane just north of Mechanicsville Turnpike.
Balducci Builders, led by Chris and Dennis Balducci, is developing the 15-acre site they’ve been holding onto since 2007, when they purchased it for just over $900,000. Older brother Rick Balducci sells the homes through his real estate brokerage, Balducci Realty, and a fourth brother, David, is also involved in the family’s developments.
After sitting on the property for the past nine years, Chris said the market is now right for Gardenbrook, the subdivision they’re building between two established neighborhoods: Summergrove and Cherrydale.
Chris, left, and Dennis Balducci.
“We bought this property, not by choice, right before the recession,” Chris noted. “And because of the recession, we decided not to develop it then. It would have been fruitless. So we’ve had it in inventory for quite a while.”
Added Dennis: “The location is unbelievable. It’s in very close proximity to shopping, restaurants, Hanover County schools. If you want to build in this particular area, you really can’t get a better-located spot than where we are right now.”
Homes in Gardenbrook will range from a 1,700-square-foot home one homebuyer has requested to between 2,500 and 3,000 square feet, which they said would be the target for the bulk of the custom-builds.
Styles will include Craftsman and traditional designs, and prices will start in the $300,000s. Work is underway on a Craftsman-style model that Rick said is valued at about $450,000.
“We’re not really catering to the first-home buyer,” Rick said. “We’re catering to the second and third, and even the empty-nesters.”
The 15-acre site includes a pond and will feature a walking path and playground. Development will include curb-and-gutter streets and sidewalks, paved driveways, and water and sewer connections.
Chris put the total development cost at $1.5 million. They worked with David Fahy of Village Bank on financing. Local firms involved in the project include Pella Windows & Doors, lumber supplier Ruffin & Payne, and Ferguson, which is providing appliances, plumbing and lighting.
A site plan of the 15 acres, which the Balducci’s purchased for $900,000 in 2007. (Courtesy Balducci)
Gardenbrook is the 15th residential development for Balducci Builders, which has been in business in Mechanicsville for 30 years. Following in the footsteps of their builder-developer father, Rino Balducci, Rick started in real estate in 1978, while Chris and Dennis founded their company in 1986.
The brothers recently finished Morning Glory, a 31-lot subdivision in Mechanicsville’s Lereve Manor. Other communities have included Cedar Crest in King William County, where Rick said they’ve sold nearly all of its 136 lots.
“We’ve had our best year out there since 2008,” he said. “We’ve had 10 closings in there already this year, and we’ve got four or five more to go.”
As work starts on Gardenbrook, Rick added that the brothers are always on the lookout for their next project. He said they’re currently eyeing about 100 acres in Studley, the community in Hanover where all of the brothers reside.
“We’re actively looking at things,” he said. “We’re not Rockefeller, and with that recession we had to pull back a little bit, but when we see something that strikes our fancy, we go after it.”