Emerald Builders, LLC Acquires Site in Hampden Section of Baltimore City for New 15-Unit Townhome Development
Groundbreaking on four-story, 2150 square foot residential homes expected to commence within next few months, with delivery of the model home product anticipated for this summer
Emerald Builders, LLC has announced the acquisition of a residentially-zoned parcel situated on Redfern Avenue in the Hampden section of Baltimore City for approximately $925,000. The Baltimore-based residential home builder intends to break ground within the next few months on a new development containing fifteen four-story townhomes offering 2150 square feet of space. Delivery of the first homes, which are expected to be marketed in the low to mid $300s, is anticipated for this summer.
Herbert Burgunder III, Member, Pessin Katz Law, P.A. (PK Law), represented Emerald Builders in the acquisition and subdivision of this property.
“We consider Hampden among the most attractive areas for new residential homes, not only locally, but nationally based on the surrounding demographic population, the momentum of young people moving into the neighborhoods and the mature restaurant and retail amenities that presently exist,” explained Luke Yorke-Hart, Chief Executive Officer of Emerald Builders. “This was confirmed by national market research firm Redfin, which last year listed Hampden as the eighth most active submarket in the United States. We intend to develop a residential product that caters well to the Hampden submarket, featuring a fourth-story loft with walk-out balcony, and leverages a location that is within walking distance to The Avenue and the entire shopping district.”
Emerald Builders is the homebuilding and general contracting division of Emerald Properties Group. Emerald Builders builds and sells new homes directly to the consumer and provides new home building services to owners and developers as a general contractor.
“Our business model and corporate philosophy positions the company as the ‘un-national builder’,” Yorke-Hart stated. “We believe a large gap exists in Maryland between the national homebuilder that deals in volume building and cookie-cutter designs, and small local builders that lack the capacity to assume more complex projects. We are positioning ourselves to be a strong regional player which places extreme emphasis on understanding the needs of the local buyer, integrating sustainability into our products and providing simple and efficient designs. Our consumer’s sweet spot is young, first-time and first move-up homebuyers.”
“Emerald Builders is a seasoned professional team with in-depth experience in land acquisition, operations, development, construction and sales and marketing, drawn from working with a diverse range of national homebuilding companies,” said Herbert Burgunder III, Member, Pessin Katz Law. “This new residential subdivision represents an excellent long-term investment for the city, and we expect similar transactions in the future that will also provide significant economic benefits for the local region.”
According to Luke Yorke-Hart, Emerald Builders is involved in active negotiations with two additional land acquisitions that will stimulate additional residential development. Over the next two to five years, the goal of the company is to consistently build fifty to one hundred new homes per year in the Maryland region, while focusing on Baltimore City and the surrounding area.
Herbert Burgunder III is a Member of PK Law and part of the firm’s Corporate and Real Estate Group. His primary areas of practice are real estate, including commercial, residential and real estate litigation; land use and zoning, including variances, conditional uses, grandfathered uses, non-conforming uses, special exceptions, zoning appeals and change in use; business law; contracts; and landlord/tenant issues. He can be reached at 410-664-6500 or firstname.lastname@example.org.
Pessin Katz Law, P.A. (PK Law) is the eleventh largest law firm in the Baltimore area and has been serving clients for close to thirty years. PK Law maintains full-service offices in Towson, Columbia, and Bel Air and is comprised of more than 60 lawyers, paralegals and law clerks. Practice areas include corporate and business law, real estate and zoning, education law, estate planning, elder law, labor and employment, litigation, insurance law and medical malpractice defense. For additional information, visit www.PKLaw.com