By Ashley Barker
Published August 12, 2014
A national homebuilder is looking to build a new gated community in the Summerville area with more than 800 homes.
The 4,300-acre neighborhood includes The Market at Cane Bay, the Del Webb and Sanctuary Cove communities and four subdivisions in the Old Rice Retreat community. There are also Dan Ryan Builders and Lennar Homes communities in the neighborhood. A high school and elementary school opened in 2008 and 2009, respectively, and a middle school followed in 2012.
Homeowners in the new community will have access to seven miles of navigable waterways, a 250-acre lake and more than 10 miles of nature trails and pathways, the news release said.
“Given the strong demographic trends, we have talked about expanding our active adult offering into new markets, and we believe we found a great location that will allow us to take advantage of the growth opportunities that are present in Charleston,” said Ara Hovnanian, chairman of the board, president and CEO of Hovnanian Enterprises Inc.
Hovnanian Enterprises’ total revenue was nearly $450 million for the second quarter of 2014, which ended April 30, according to financial records. The company completed 1,331 homes in the second quarter of 2014, a 6.5% decrease compared with 1,424 homes in the same quarter of 2013.
About $105 million was spent on land and land development during the second quarter of 2014, and approximately 5,600 lots were put under option or acquired in 56 communities during that time frame.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.