The area is very popular for new homes, and according to the Southeast Michigan Council of Governments, has seen at least 140 new home permits pulled each year for the last eight years. Pulte, one of the largest home developers in the nation, has established afew new subdivisions in the prestigious neighborhoods.
The condominiums and single-family development in the township will be built on 100 acres of land, recently purchased by Pulte for an undisclosed amount.
"We don't like to reveal price when we buy land," says Howard Fingerroot, president of Pulte Land and Development.
Pulte bought the land from Bingham Farms-based Burton Katzman Development Co. and the Auburn Hills-based Moceri Cos. The sale closed last month, Fingerroot notes.
The project, located west of Adams Road and on the south side of Silver Bell Road, will consist of 107 single-family homes and 88 attached condominiums, he says. The condominiums will start at $340,000 each, and the houses will be a little higher at $350,000 each, Fingerroot adds.
Silvercreek will be the name for the single-family home area, and Belmonte at Silver Creek will moniker the condos.
This isn't the first development in the north Oakland area, Fingerroot says, and itwon't be the last.
"Pulte has always had a strong presence in Rochester Hills. This subdivision will secure our position for another couple years," Fingerroot explains.
He says the Creekside Village subdivision at Runyon and Dequindre was closed out last year, and the company has also bought land for 112 lots of homes and condominiums in the township. The new subdivision, about a mile north of Silvercreek, will be called Wellington, where the homes will go for $400,000 each.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
