La Cité Development Signs Agreement with NVR Ryan Homes for Large-Scale Single-Family Home Ownership Development in West Baltimore
Award-winning Developer La Cité and National Homebuilder NVR Ryan Homes Unveil Plans to Address Much-Needed Housing Solutions in Baltimore's Poppleton Development Center\West, Bringing 180 New Homes to the Neighborhood
NEW YORK, April 25, 2024 /PRNewswire/ -- La Cité Development, a leading real estate development corporation announced today the signing of an agreement with NVR Ryan Homes, the nation's 4th largest homebuilding and mortgage banking company, to add 180-units of single-family homes to the $800M Center\West, a large-scale redevelopment of 32.94 acres in the Poppleton neighborhood of West Baltimore.
This announcement represents the latest in the ongoing transformation of the Poppleton neighborhood with new residential and retail projects by La Cité, the Black-owned master developer of Center\West. This mixed-income development, which represents a total estimated investment of $60M, will consist of 48 condo units and 132 townhomes on seven acres, featuring a mix of studios up to 2- bedrooms, and duplex units with residential parking. The ambitious development is expected to break ground in Q3 – Q4 2024.
"We have a real sense of pride around this next chapter of home ownership in our fast-growing Center\West community, especially one that includes teaming up with such an established partner as NVR Ryan Homes," said Dan Bythewood, President and Co-Founder of La Cité Development. "Offering a diverse range of housing options, exceptional amenities, and convenient proximity to nearby educational and medical institutions, are just a few of the numerous benefits of living in Center\West."
Primarily targeting first-time and first-time move-up buyers, this new development will provide essential home ownership opportunities for the city's residents, while also bringing in new city residents, with ongoing statistics and data emphasizing the urgency for progressive housing solutions to meet the demands of the residents.
Price points for these townhomes and condominiums range from an estimated $300,000 to $500,000. Given Baltimore's shortage of single-family homes, and the City's incentives in first-time home buyer programs, it is expected this much anticipated development will garner a significant amount of interest.
With West Baltimore shaping up to be a unique blend of old and new, where historic rowhomes and modern high-rises coexist, Poppleton has been at the center of a major transformation over the last decade, with the area seeing a substantial increase in home values since its redevelopment.
This deal comes on the heels of Berkshire Hathaway disclosing new investments in NVR. NVR, Inc. which is listed on the New York Stock Exchange under ticker symbol "NVR," operates in two business segments: homebuilding and mortgage banking. The homebuilding unit serves homebuyers in 35 metropolitan areas in fifteen states, with extensive experience within the State of Maryland in particular the City of Baltimore. According to most recent data (2022), Ryan Homes holds 75% of the market share in Baltimore.
About La Cité Development
Founded in 2001, La Cité Development, is an award-winning real estate development corporation investing in strategic real estate ventures in the US and abroad, which has built a portfolio in affordable housing, multi-family and hotel development. La Cité's philosophy embraces investment in neighborhoods that have been largely overlooked and promotes developments with a strong commitment to providing transformative change in the lives of local communities. For media-related inquiries, please contact: press@lacitedevelopment.com
About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-five metropolitan areas in fifteen states and Washington, D.C. For more information about NVR, Inc. and its brands see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
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SOURCE La Cité Development
