Comstock Homebuilding Companies, Inc., Reston, Va. (NASDAQ: CHCI) on Friday said it has formed joint ventures with Four Points, LLC for the development of two new infill communities in Washington, D.C.
The two communities, to be known as The Hampshires and Cedar Hill, will include approximately 150 homes. The Hampshires, located in the Northeast section of the District of Columbia along New Hampshire Avenue, will include approximately 110 town and single-family homes; Cedar Hill, located in the Southeast section of Washington, near the home of the Washington Nationals baseball team, will include approximately 40 townhomes and townhome-style condominiums.
The company said it would begin site improvements and construction on both communities in mid-2011.
"We are excited about our partnership with Four Points and look forward to commencing work on these new communities in early 2011," said Christopher Clemente, Comstock's chairman and CEO. "We believe the strength of the Washington, D.C.-area economy, and the demand for new housing in the District of Columbia provides tremendous opportunity to complement our existing platform in the greater Washington DC area."
"We are big believers in the continuing demand for reasonably priced, for-sale housing in Washington, D.C.," said Stan Voudrie, principal of Four Points, a Washington based real estate development company established in2004 with a specialty in urban infill projects. "These joint ventures with Comstock will allow us to deliver exactly that in both the Lamond Riggs and historic Anacostia neighborhoods."