The Orchard Ridge housing development is poised to turn the real estate market on its head.
Set to break ground in August, the development in Baltimore City is taking a revolutionary approach to marketing itself. Instead of creating a cluster of costly homes that price consumers out of the market and contribute to dangerous subprime loans, Pennrose Properties and Doracon Development say they are building cost-effective housing.
And with the June housing data from Metropolitan Regional Information Statistics Inc. indicating that an average home in Baltimore City costs about $200,300, the Orchard Ridge homes are priced between $135,000 and $280,000.
“We found a niche in the market that is affordable to working-class individuals while providing a value of new construction homes that you don?t see priced in this range for town houses,” said Kyle Speece, a development officer for Pennrose Properties. “We just have been amazed by the success we have had with this development.”
In its first phase, the development is set to offer 72 town houses. To date, Speece told The Examiner, nearly two-thirds have been sold, with more than 1,400 people on a waiting list for future properties. Once built, the total 60-acre Orchard Ridge development should contain nearly 470 units, mostly joined town houses.
Through the new construction, Pennrose and Doracon say they hope to get away from the stigma created by the former Freedom Village and Claremont Homes Apartments on the same location.
“The former units on this had a feel of public housing,” said Sharon Grinnell, vice president for development for Doracon. “The thought is to build a community where there is a mixed income, along with what is known as working class. We want folks to have options and be able to choose to live in this community, versus this being the only place they can live.”
The Orchard Ridge project was initially put forth by the Baltimore Department of Housing. The project has been a long time coming, as Pennrose andDoracon were selected through a request-for-proposals process in 2005.
“This brings in new potential residents for the city, with us being able to provide a housing product that is affordable in a market-rate perspective,” Grinnell said.
