Project Type: Development and Marketing
Architect: Axelrod & Cherveny
The Chatham at North Hills is a 144 unit luxury townhome community developed and constructed in three phases from 2002 through 2013. Beginning with 86 townhomes on 23 acres in 2002, CDC completed the construction of roadways, utilities, landscaping, community clubhouse, pool, tennis courts and the semi-custom townhomes while also handling the marketing and sales, bringing Phase I to completion in early 2005 with all inventory sold out.
Simultaneous with the construction of Phase I, CDC was at work on obtaining entitlements for 18 acres of adjacent property which were subject to a scenic easement held by the local village. In 2006, CDC obtained site plan approval under an incentive zoning agreement with the village permitting the construction of 58 townhomes on the 18 acre parcel.
Construction, marketing and sales of Phases II and Phase III took place between 2006 and 2013. At the peak of the “Great Recession”, CDC slowed construction to best match absorption and leased its inventory of unsold townhomes until the market began to rebound, allowing CDC to weather the storm and maintain pricing power and unit margins. As market conditions improved, CDC restored leased townhomes to new condition and sold them at favorable prices allowing CDC to complete The Chatham at North Hills profitably despite precipitous and extended declines in home values and absorption rates and substantial expansion of the development timeline.