New homebuilder targets older buyers
Caldwell Cos., a Houston developer of commercial and residential projects including such active-adult communities as Del Webb Sweetgrass in Richmond, has launched a homebuilding division.
Caldwell Homes will build initially in Towne Lake, a master-planned community near Barker Cypress and U.S .290 in Cypress. Within that community, the company will target the needs and wants of wellheeled older buyers. It plans to build nearly 100 homes in the ga ted Sunset Harbor neighborhood and four more in the Heritage neighborhood where homes are reserved for residents 55 andolder.
Jim Rori son, who worked for Pu l te Group for 14 years before joining Caldwell Cos. in May, spoke to the Chronicle about developing a product the company found lacking in the market. Edited excerpts follow.
Q: Where will you build?
A: Our strategy really is to stay within our own Caldwell company developments. When we do other master-planned communities, similar to Towne Lake, we would expect to design within those master-planned active adult communities. Q: Tell me about the houses.
Was there something you weren’t seeing in the market you wanted to address?
A: We’ve been developing and working with builders on activeadult communities for many years. We’re going to attack the marketplace with a different approach. It’s not a national homebuilder program. It’s going to be what we believe is a unique product. We’ve engaged Sullivan, Henry, Oggero & Associates, a local architecture firm. We think we can target a more affluent buyer more effectively. Those buyers want something different.
Q: What kind of features do empty nesters like?
A: We have spent the last 12 months doing a substantial amount of research on buyer preferences for this consumer group. How do we right-size our homes? They’re moving from their larger family home but still appreciate design considerations that were in their two-story home when they had kids. How do we design those kitchens, family outdoor living areas, and master areas to really provide a design that is not in the marketplace?
Q: How big are the homes?
A: Our 55-foot (lot width) patio homes will be starting at 1,900 square feet up to 2,500 square feet. Our 65-foot program will start at 2,500 square feet going up to about 3,400 square feet.
Q: What are the prices?
A: We’re still working on pricing. My goal is to have the launch of the patio homes in Sunset Harbor in the middle of March. I would say were going to start in the $300,000s.
Q: What’s the No. 1 thing ages 55 and up want in a house?
A: The most important thing they’re looking for is the spaces that are going to help facilitate their new lifestyle. You have an opportunity to kind of re-explore life, if you will. Their kids are no longer in the house. They’re going to look for opportunities for significantly more entertainment. How does their home facilitate entertainment? How does their home facilitate their new freedom to be able to vacation? We also think maintenance cost is incredibly important. We intentionally design these homes to be increasingly energy-efficient.
Q: How many homes do you think you’ll build a year?
A: Our goal is to be in the mid300s, our focal point right now based on the master-planned communities we have in the pipeline.