Eastwood Homes Purchases 46-Acre Site in Guilford County
Charlotte-Based Builder Changes Strategy in Midst of Lot Shortage
High Point, NC: Eastwood Homes, a regional homebuilder based in Charlotte, NC, has commenced clearing and grading for a 46.55-acre development in Guilford County. Verona will be the site of 140 new homes in Burlington on Burlington Road.
The land acquisition and entitlement process mark a change in strategy for Eastwood Homes that generally focuses on building homes, and not developing homesites. A shortage of lots left the builder with two options: wait for a developer, or do it themselves.
“We went out and found this piece of land and took it through the entitlement process,” said Amanda Leach, Vice President of Sales for the Triad Division of Eastwood Homes. “We did it ourselves – the zoning, engineer study, layout and lot sizes, working with DOT. This still stays true to our overall strategy, though. We want to stick to what we do well, and that is smaller communities. We are selective about our communities and where we build. This is actually our first new community in the Triad in over a year.”
Ritchie Jones of Richard Jones Real Estate served as the broker for the land purchase. The land was purchased from the Ingle family. Leach said the project turned into a great partnership, with the family even helping name the community and the roads in the development.
Cheryl Ingle, former landowner, said her husband Randy’s aunt was named Lena Verona Ingle. She was a very special person and dear to their family, and naming the community after her was a way to remember her, she continued. There will also be a street named Lena Garden.
Leach is excited about this property, citing its ideal location on the Guilford/Alamance county lines and its proximity to University Parkway, Interstate 85, and Highway 70, and short drives to Elon University and Chapel Hill. It also has a pedestrian connection to Burlington Springwood Park, a 78-acre park with athletic fields, playground, and walking track.
“We had great success with Lindley Park Estates, which is just down Burlington Road,” Leach said. “It’s almost a continuation of that project.”
In Verona, Eastwood Homes will be building customer favorite floorplans like the Cypress, Davidson, McDowell, and Caldwell, offering ranch-style, two-, and three-story homes starting in the upper-$200,000s to low-$300,000s.
About Eastwood Homes:
Eastwood Homes is a privately-held, family-owned homebuilder that was founded in 1977 by Joseph K. Stewart, who now operates it jointly with his son Clark Stewart. The Charlotte-based homebuilder builds townhomes and single-family homes in approximately 100 communities throughout the Southeast in Charlotte, Raleigh, and the Triad areas of North Carolina; Charleston, Columbia, and Greenville areas of South Carolina; Richmond, Va.; and Atlanta, Ga. For more information, visit eastwoodhomes.com.