Tega Cay to add 820 homes - Pittsburgh Business Times:

sucujovide.wordpress.com
Home construction has begub at ’s Lake Ridge at Tega Cay. And the compan y has broken ground fora $3 millionm clubhouse and amenity So far, three builders have committed to buying 462 lots in the 435-acrre development near the Catawba River. The site is west of S.C. Highway 160, along Dam and Grayrock “We’re not discounting the lots to move saysJeff LeForce, Drake Capital development manager. However, the company will ease its requirementds of builders regarding the numbe ofhomes they’ll build, or the speed with which they’ll tackle those projects.
“The builders may have been committingg to building 12 lotsa quarter, and we woulfd cut the contract to half that,” LeForce says. That meanw buildout will likely take seven or eight instead of the four or five Drake Capitapl envisioned when it bought the landin 2007. So far, , and have signeed on to build homes on more than halfthe community’ s lots over the next four LeForce is seeking additional builders for four remaining sections of the Even with the delayed timetable, Drake Capitak is bullish on York County’ds residential market. Lake Ridgde is one of four subdivisions the company planseto develop. Three of those sitess are in York County.
“We like the small-townn ambiance and the big-city LeForce says. A promotional piecre for Lake Ridge says buyers in the community willbe “closd to Charlotte but not pay for The advertisement notes York County’s relativelu low property taxes. Andrew Jenkins, managin partner of real estate analysisw firm KarnesResearch Co., says developers won’t stop opening subdivisions during down economic times.
“They will simply becom e much more discerning intheire decision-making process as to wherd they are most likely to The first model homes in Lake Ridge are to be completed in a month, with Tribute Homes opening an maintenance-free” section of homes for residentd 55 and older. Those houseds are being built on lots with 56 feet ofstreety frontage, and are priced from the $190,000ws to $240,000s. Within two months, five speculativs homes shouldbe available, LeForce The amenity center is slatef to open July 1. Toll Brothers plan homes with prices up tothe $700,000s. Drake Capita paid $28.
6 million for the land, buying it from Greg Whitehead’sd Cornerstone Development of theCarolinas Inc. LeForce says aboutg a third of the 435 acres in Lake Ridge will be left as open spacr and designatedfor parks, as required by his company’sd agreement with Tega Cay. That propertyy includes 10 acres that will be combinecd with adjacent land to creatda 78-acre park on the Catawba River belo w the Lake Wylie dam. Lake Ridge also will includ four miles of paved walking trailds that are eightfeet wide, LeForcr says.