Business news from the Fredericksburg region.
Two subdivisions are under development in Stafford
BY BILL FREEHLING
The first 25 finished lots at Augustine Homes’ new Colonial Forge subdivision in Stafford County were sold last month to two different homebuilders.
The Drees Co. bought 13 of the lots, and Beazer Homes Corp. purchased the other 12. The price was $147,500 per lot, according to deeds filed last month in Stafford Circuit Court.
The inventory of available houses has been shrinking in the area, and builders are betting on more demand from home buyers amid an improving economy. North Stafford’s market has fared especially well of late, and lot prices have strengthened.
Augustine plans to build homes itself in future sections of Colonial Forge subdivision, which will include a mix of single-family homes and townhouses. And it, Drees and Beazer are all building model homes there. According to their websites, the Drees homes there start at $354,900, and the Beazer homes at $372,990.
The subdivision, which could someday include as many as 538 homes, is off Courthouse Road next to Colonial Forge High School. A road is being built through the neighborhood connecting Courthouse Road and Kellogg Mill Road.
Not far from Colonial Forge off Courthouse Road, Newland Real Estate Group and North America Sekisui House have started the extensive site work at the Embrey Mill subdivision, which could include as many as 1,800 homes. The first finished lots are expected to be ready for builder home models starting early next year.
The Embrey Mill project will extend Mine Road as a four-lane divided road all the way between Garrisonville and Courthouse roads. Embrey Mill Road will also be extended to intersect with the new portion of Mine Road.
The Virginia Department of Transportation is making plans to handle the increased traffic in the area. VDOT is now designing a reconstructed interchange off Interstate 95, and also plans to widen Courthouse Road to four lanes between I-95 and Ramoth Church Road.
There is no construction schedule or timeline for either VDOT project.
Bill Freehling: 540/374-5405