A subsidiary of national builder Lennar Corp. has bought 210 acres planned for 600 home lots in Harpers Mill, a 1,200-acre development in Chesterfield’s Winterpock area. (Google map screenshot)
One of the largest homebuilders in the country is making a big move into the Richmond market.
A subsidiary of national builder Lennar Corp. has bought 210 acres planned for 600 home lots in Harpers Mill, a 1,200-acre development in Chesterfield’s Winterpock area.
The Florida-based company paid upward of $25.4 million for the undeveloped land through its U.S. Home Corp. division, a Texas-based builder that Lennar acquired two decades ago.
The land consists of seven parcels that were all purchased Jan. 31. Assessment data for the parcels was not reflected in online property records.
The Harpers Mill development comprises 1,200 acres on the south side of Hull Street Road at Otterdale Road. (BizSense file photos)
The deal signals Lennar’s arrival in Central Virginia, adding to its presence in Northern Virginia and Williamsburg. The company is also active in 23 other states.
The company has built homes in Williamsburg’s Colonial Heritage, a so-called “active adult” community where homes ranging from 1,800 to 2,200 square feet in size run from $450,000 to $560,000, according to Lennar’s website. It also recently started presales for homes in Stonehaven, a 761-home development in northern Culpeper County.
The company appears to have had an interest in the Richmond area for some time. In 2012, a Lennar subsidiary bought the loan on Riverview Green, a 100-acre age-restricted development that had been planned in Glen Allen but never took off.
Lennar declined to comment on the Harpers Mill deal. A spokeswoman said the company, which is publicly traded, is currently in a quiet period ahead of its next quarterly earnings call. It trades on the New York Stock Exchange under the ticker symbol “LEN.”
Some of the homes in Harpers Mill, which has drawn on a variety of builders.
The seller in the deal was Harpers Mill Development Corp., a company led by local developer Mark Sowers. He said Lennar is also buying some developed lots in Harpers Mill but hasn’t closed on those yet.
Other builders that have been active in Harpers Mill include Eagle Construction of VA, Eastwood Homes, LifeStyle Home Builders, Main Street Homes, Ryan Homes and Youngblood Properties.
Where lots for those builders were developed by the time they were sold, Sowers said this is the first time he’s sold land at Harpers Mill “in the raw.” He said he’s fielded several offers for the land over the years but none panned out.
“It was common knowledge that I was looking to sell a piece of it,” Sowers said of Harpers Mill, which is about 50 percent developed and planned to ultimately total 2,000 home sites.
An aerial view of the Harpers Mill development. (Courtesy of Harpers Mill)
The parcels make up some of the last untouched land at Harpers Mill, with connections planned via its Chapel Sound and Millright neighborhoods in the community’s southeastern corner, according to a master site plan on its website.
The parcel addresses are 15407 Greenhart Drive, 8951 Verneham Drive, 9451 and 9700 Dry Creek Road, and 8691, 8693 and 8695 Centerline Drive.
Sowers said his understanding is that Lennar plans to keep all of the lots to build on, though he noted that the company is not prohibited from selling off lots.
Lennar’s move into the market follows that of D.R. Horton, a Texas-based builder that has traded the top spot with Lennar in industry lists of the largest homebuilders in the country. D.R. Horton’s arrival in Richmond came in 2018, when it purchased 48 lots in Midlothian’s Collington development for about $4.5 million.
A subsidiary of national builder Lennar Corp. has bought 210 acres planned for 600 home lots in Harpers Mill, a 1,200-acre development in Chesterfield’s Winterpock area. (Google map screenshot)
One of the largest homebuilders in the country is making a big move into the Richmond market.
A subsidiary of national builder Lennar Corp. has bought 210 acres planned for 600 home lots in Harpers Mill, a 1,200-acre development in Chesterfield’s Winterpock area.
The Florida-based company paid upward of $25.4 million for the undeveloped land through its U.S. Home Corp. division, a Texas-based builder that Lennar acquired two decades ago.
The land consists of seven parcels that were all purchased Jan. 31. Assessment data for the parcels was not reflected in online property records.
The Harpers Mill development comprises 1,200 acres on the south side of Hull Street Road at Otterdale Road. (BizSense file photos)
The deal signals Lennar’s arrival in Central Virginia, adding to its presence in Northern Virginia and Williamsburg. The company is also active in 23 other states.
The company has built homes in Williamsburg’s Colonial Heritage, a so-called “active adult” community where homes ranging from 1,800 to 2,200 square feet in size run from $450,000 to $560,000, according to Lennar’s website. It also recently started presales for homes in Stonehaven, a 761-home development in northern Culpeper County.
The company appears to have had an interest in the Richmond area for some time. In 2012, a Lennar subsidiary bought the loan on Riverview Green, a 100-acre age-restricted development that had been planned in Glen Allen but never took off.
Lennar declined to comment on the Harpers Mill deal. A spokeswoman said the company, which is publicly traded, is currently in a quiet period ahead of its next quarterly earnings call. It trades on the New York Stock Exchange under the ticker symbol “LEN.”
Some of the homes in Harpers Mill, which has drawn on a variety of builders.
The seller in the deal was Harpers Mill Development Corp., a company led by local developer Mark Sowers. He said Lennar is also buying some developed lots in Harpers Mill but hasn’t closed on those yet.
Other builders that have been active in Harpers Mill include Eagle Construction of VA, Eastwood Homes, LifeStyle Home Builders, Main Street Homes, Ryan Homes and Youngblood Properties.
Where lots for those builders were developed by the time they were sold, Sowers said this is the first time he’s sold land at Harpers Mill “in the raw.” He said he’s fielded several offers for the land over the years but none panned out.
“It was common knowledge that I was looking to sell a piece of it,” Sowers said of Harpers Mill, which is about 50 percent developed and planned to ultimately total 2,000 home sites.
An aerial view of the Harpers Mill development. (Courtesy of Harpers Mill)
The parcels make up some of the last untouched land at Harpers Mill, with connections planned via its Chapel Sound and Millright neighborhoods in the community’s southeastern corner, according to a master site plan on its website.
The parcel addresses are 15407 Greenhart Drive, 8951 Verneham Drive, 9451 and 9700 Dry Creek Road, and 8691, 8693 and 8695 Centerline Drive.
Sowers said his understanding is that Lennar plans to keep all of the lots to build on, though he noted that the company is not prohibited from selling off lots.
Lennar’s move into the market follows that of D.R. Horton, a Texas-based builder that has traded the top spot with Lennar in industry lists of the largest homebuilders in the country. D.R. Horton’s arrival in Richmond came in 2018, when it purchased 48 lots in Midlothian’s Collington development for about $4.5 million.
Congrats to Mark! The national publics are loaded with cash and have been eager to enter the Richmond booming housing market. For the most part they’ve had a history of struggling against local builders, introducing floor plans and elevations that are non-competitive. Ryan has long been the outlier to that history, emphasizing a desire to be part of the local community. Let’s see if Lennar can adapt and compete against home grown Eagle and Main Street among others as well as incorporating themselves as “local” business. They’ve entered a beautiful Sowers community.
That picture is a great picture to demonstrate urban sprawl that’s for sure!
I agree with Garry, this type of sprawl is bad, old school, really sad for us all. Chesterfield is a hot mess.
@Mark and Garry. How should the development of hundreds of residences be created that are acceptable to the current landowners, neighbors and government review agencies while being done economically and checking all the boxes? This project (as most at this stage) has been designed for years..
They prefer everyone live in communal style 400 square foot boxes with shared bathrooms and no natural lighting. Maybe they live in North Korea.