In Croton-on-Hudson, N.Y., Discovery Cove at Half Moon Bay sits on 12 acres of highly desirable riverfront, just steps from a boat marina and near the commuter rail into New York. But the site sat dormant for roughly 20 years before WCI Northeast U.S. stepped in to build 154 attached homes there. Why?
"For years, complications made this land not worth developing," says Gabe Pasquale, vice president and chief marketing officer for the WCI division based in Valhalla, N.Y. The parcel, which was to be the second phase of another developer's plan in the 1980s, was tangled in disagreements owed to thorny easement issues over a trail that traversed the property and would affect the buying builder as well as the municipality and the railroad.
"But a funny thing happened," says Pasquale. "Over time, as our land supply continued to get more restrictive, the property became more interesting and more valuable from a marketability perspective." He credits the company's local relationships, reputation and knowledge of local processes with clearing entitlement hurdles for a successful project.
Starting presales in early 2002, the builder sold out in late 2004, never having opened a model. Profits are undisclosed, but the project set a pricing precedent in the area, rising above the norm in the low-$200s per square foot to reach $680.
Advertisement
Related Stories
Land Planning
Helena Habitat for Humanity Aims to Build 1,000 Affordable Homes
A new Habitat for Humanity project in Helena, Mont., aims to deliver 1,000 affordable housing units and outdoor community amenities
Government + Policy
How Eminent Domain May Be Used to Respond to Climate Crises
Eminent domain, which grants the government power to take private property for public use, has displaced thousands of Americans for the sake of infrastructure in the past, but it may be used for a better purpose in a global climate crisis
Q+A
Soil Connect Is Moving Dirt and Building Relationships
Cliff Fetner created Soil Connect so builders and developers could more easily move dirt and other aggregates from jobsite to jobsite, but it has expanded to become something much more