Housing Project Gets Underway In Marlborough
PHOTO/COURTESY
The Regency At Assabet Ridge on Crowley Drive in Marlborough, a residential real estate development by the Toll Brothes, is under construction.
The Toll Brothers, a Pennsylvania-based national residential real estate developer, has begun construction on a 69-unit age-restricted town home development in Marlborough.
Three of the units are under construction and six units have been sold so far, according to Greg Kamedulski, New England division president for Toll Bros., who works out of Westborough.
The development in Marlborough on Crowley Drive, named the Regency at Assabet Ridge, complements a handful of other projects in the works by the Toll Bros. company across the commonwealth. In addition to the Regency at Assabet Ridge, the company is also moving forward with the planning of a 276-unit mixed-use development in Westborough. Toll Bros. also has plans for developments in North Grafton and Holliston.
"It's certainly not a great market for housing," Kamedulski said. "But our communities in Massachusetts seem to be selling reasonably well. Some are selling very well, others are selling reasonably well, but they're all selling, which is good."
Slow And Steady
Toll Bros. is a national, publicly traded residential development firm. The company's model is to permit housing development projects, then build them as units are sold. That system, Kamedulski said, insulates the company from market volatility and speculation-construction.
"The speed of each project is completely market driven," he said.
Despite the slow economy, Kamedulski said some projects have seen success.
The Regency at Methuen, another Toll Bros. project, opened in May, 2010, and in one year sold 84 of its 240 units.
Kamedulski said the market is being driven today by residents looking to downsize from a larger house to a more affordable one.
The Marlborough development, Regency at Assabet Ridge, will be age restricted to residents 55 and older and will be sold in the mid-$300,000 range, he said.
In Westborough, the company expects to begin selling those units in January, which would allow for construction to begin in the spring of next year. The Gleason Street project is expected to be a mix of town homes, single-family homes, and condominium-style units, ranging from the high $200,000 to mid- $300,000 range. The units are located within a half mile of the Westborough commuter rail train station.
The company expects to begin selling units at a 29-lot community in North Grafton by April of next year.
Another project, the Highlands at Holliston, is in the planning stages and could be up for sale by the middle of next year, he said.
Stephen Reid, the Marlborough building inspector, said it's reassuring to see some residential construction activity in the city and region, but the key to successful developments nowadays are to build them based on market demand, and not on speculation, as Toll Bros. is doing.
"There is not a tremendous amount of residential new construction happening," he said. "It's not like 10 years ago, when there was a lot."
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