A local builder purchased more than 74 acres in Pender County to create a neighborhood with 175 single-family homes and 141 townhome units.
Silo Ridge will be located about a quarter mile from U.S. 17 on Sidbury Road in Scotts Hill, next to the site of the planned Blake Farm development.
Wilmington-based McAdams Homes bought the property from Blakes' of Scotts Hill LLC for a little over $3.1 million, according to the Pender County deed.
Commercial real estate brokers Glenn Imboden and Allan Fox of Coldwell Banker Commercial Sun Coast Partners represented the sellers in the transaction.
McAdams Homes is owned by Adam Sosne and Joe McKinney.
For Silo Ridge, “We've started the process of final design, engineering and permitting, which should be finished in the next three to four months or so and I think right now we're on target to start site work early in 2021. We're probably about a year out from delivering our first houses.”
McAdams Homes, which had been for the most part an apartment community builder, started creating single-family houses as a side business.
"We started building single-family almost by accident through the last recession just as a way to keep a superintendent busy and to keep subcontractors working when things were slower," Sosne said.
As the years passed, the company built more and more houses and will likely close on 100 this year, Sosne said.
In addition to Silo Ridge, McAdams currently has other communities in the works. Sosne said, "Predominantly, we've been building in The Landing at Lewis Creek for the last 18 months or so which is near Gordon Road and I-40."
McAdams builds single-family houses from the low $230s to $270s and townhouses from about $200,000 to $220,000.
The homes tend to appeal to entry-level and first-time move-up buyers.
"We like the business," Sosne said. "We've carved out our own little niche."
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