Award-winning Developer La Cité and National
Homebuilder NVR Ryan Homes Unveil Plans to Address Much-Needed
Housing Solutions in Baltimore's
Poppleton Development CenterWest, Bringing 180 New Homes to the
Neighborhood
NEW YORK, April 25, 2024 /PRNewswire/ -- La Cité
Development, a leading real estate development corporation
announced today the signing of an agreement with NVR Ryan
Homes, the nation's 4th largest homebuilding
and mortgage banking company, to add 180-units of single-family
homes to the $800M CenterWest, a
large-scale redevelopment of 32.94 acres in the Poppleton
neighborhood of West
Baltimore.
This announcement represents the latest in the ongoing
transformation of the Poppleton neighborhood with new residential
and retail projects by La Cité, the Black-owned master developer of
CenterWest. This mixed-income development, which represents a total
estimated investment of $60M, will
consist of 48 condo units and 132 townhomes on seven acres,
featuring a mix of studios up to 2- bedrooms, and duplex units
with residential parking. The ambitious development is expected to
break ground in Q3 – Q4 2024.
"We have a real sense of pride around this next chapter of home
ownership in our fast-growing CenterWest community, especially one
that includes teaming up with such an established partner as NVR
Ryan Homes," said Dan Bythewood,
President and Co-Founder of La Cité Development. "Offering a
diverse range of housing options, exceptional amenities, and
convenient proximity to nearby educational and medical
institutions, are just a few of the numerous benefits of living in
CenterWest."
Primarily targeting first-time and first-time move-up buyers,
this new development will provide essential home ownership
opportunities for the city's residents, while also bringing in new
city residents, with ongoing statistics and data emphasizing the
urgency for progressive housing solutions to meet the demands of
the residents.
Price points for these townhomes and condominiums range from an
estimated $300,000 to $500,000. Given Baltimore's shortage of single-family homes,
and the City's incentives in first-time home buyer programs, it is
expected this much anticipated development will garner a
significant amount of interest.
With West Baltimore shaping up
to be a unique blend of old and new, where historic rowhomes and
modern high-rises coexist, Poppleton has been at the center of a
major transformation over the last decade, with the area seeing a
substantial increase in home values since its
redevelopment.
This deal comes on the heels of Berkshire Hathaway disclosing
new investments in NVR. NVR, Inc. which is listed on the New
York Stock Exchange under ticker symbol "NVR," operates in two
business segments: homebuilding and mortgage banking. The
homebuilding unit serves homebuyers in 35 metropolitan areas in
fifteen states, with extensive experience within the State of Maryland in particular the City of
Baltimore. According to most recent data (2022), Ryan Homes
holds 75% of the market share in Baltimore.
About La Cité Development
Founded in 2001, La
Cité Development, is an award-winning real estate development
corporation investing in strategic real estate ventures in the US
and abroad, which has built a portfolio in affordable housing,
multi-family and hotel development. La Cité's philosophy
embraces investment in neighborhoods that have been largely
overlooked and promotes developments with a strong commitment to
providing transformative change in the lives of local communities.
For media-related inquiries, please
contact: press@lacitedevelopment.com
About NVR
NVR, Inc. operates in two business
segments: homebuilding and mortgage banking. The homebuilding
segment sells and builds homes under the Ryan Homes, NVHomes and
Heartland Homes trade names, and operates in thirty-five
metropolitan areas in fifteen states and Washington,
D.C. For more information about NVR, Inc. and its brands
see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com
and www.heartlandluxuryhomes.com.
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SOURCE La Cité Development