“Developers Answer Calls for More Housing”

January 26th, 2015

Brandywine Homes

By Kelsi Maree Borland | Los Angeles

ARCADIA, CA—Brandywine Home has purchased an .82-acre land plot in Arcadia with plans to develop 17 three-story for-sale townhomes. The project will bring for-sale housing options and opportunities to an area with extremely high demand for housing. The project is scheduled to break ground in April 2015 and the houses will come to market in December 2015.

“The Arcadia area has seen a huge increase in housing demand over the last couple of years, but most of what has been built has been larger, much more expensive single family homes,” David Barisic, VP of sales and marketing at Brandywine Homes, tells GlobeSt.com. “This land was a great fit for our townhomes because it is in an area that has a little higher density surrounding it, allowing us to build at a higher density also. This will allow us to price product at a substantially lower price point than most of what is being seen elsewhere in Arcadia.”

The land was entitled for these townhomes at the time of the purchase, and according to Barisic, the in-place entitlements for for-sale townhomes drove the company’s decision to purchase. “The demand in Arcadia for for-sale housing at a mid-range price point is very high,” he says. The homes will be priced between $600,000 and $900,000. Ranging in size from 1,265 to 2,205 square feet, the townhomes will include a side-by-side garage, solid-surface counters and stainless steel appliances.

Because the company is still in the planning stages, construction costs are still being weighed, making the exact cost of construction difficult to share. However, Barisic did say that Housing Capital Co., a division of US Bank, will help provide financing for the project.

Development in the Arcadia market is sparse; however, the city has been making headlines because it is the home of the ongoing light rail extension project. Currently, the extension will run from Azusa and Montclair, connecting Glendora, San Dimas, La Verne, Pomona and Claremont.

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