Maryland developer Elm Street Communities is beginning site prep on a new development in Caln Township near Coatesville, with 175 townhomes and 87 single-family homes planned. After the development was fully approved a month ago, Elm Street bought the 119 acres for $6 million, according to Chester County property records. The vacant site is at 201 S. Caln Road near GL Eggleston Boulevard. The property is on the south side of Route 30. It’s being named The Hills at Thorndale Woods. Elm Street plans to build the infrastructure for the property and then sell individual lots to Virginia-based national homebuilder Ryan Homes. Elm Street vice president Michael Charlton aims for residents to begin moving in as soon as early 2025 with full build-out taking three to four years.“There’s just not a lot of inventory on the market,” Charlton said. “And the bulk of what’s been hitting the market, even the new homes, has been much higher priced. So this will give a little more inventory out there for the starter home or first-time move-up type buyer.” Charlton declined to say what the home prices could be once they’re built, but he anticipates the townhomes will offer a more affordable option compared with typical new home construction prices. Forty-six acres of the 119-acre property will be preserved as open space.
Source: Philadelphia Business Journal; 11/9/2023