Two Rivers Community Could Generate in Excess of $50 Million in
Revenues Over Project Life
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock
Holding Companies, Inc. (NASDAQ: CHCI), has entered into a lot option
contract covering 120 building lots in The Preserve at Two Rivers,
a master planned active adult community in Anne Arundel County, Maryland.
Beginning in early 2015, Comstock plans to introduce a new model line of
villa style homes ranging in size from approximately 1,950 to 2,500
square feet priced from the low to mid $400's. Comstock joins other
leading homebuilders, such as NV Homes, Ryan Homes and Classic
Communities, in this amenity-rich community, which will include over
2,000 homes at build-out.
Two Rivers is ideally situated midway between Washington, DC and
Baltimore, MD and within easy reach of Annapolis, MD. Designed for the
mobile 55+ resident, Two Rivers features robust lifestyle amenities,
including two swimming pools, an elegant clubhouse, and extensive open
space with walking/biking paths.
The demand for age-targeted communities is increasing, as the nation's
population ages. More than 10,000 people reach the age of 50 each day in
America, increasing the active adult target market from 80 million in
the 1990s to more than 135 million today. The growth of this age
demographic has contributed to this segment of the housing market being
among the best performing in recent years, as downsizing baby boomers
become empty nesters seeking new lifestyles.
"Our entry into the active adult segment of the market with the Two
Rivers project will provide us an additional opportunity to grow
Comstock and enable us to continue our strategic expansion in our core
market, the Washington, DC region," said Christopher Clemente, Chief
Executive Officer. "Increasing scale is critical to our mission of
achieving consistent profitability. Our success over the past two years
in expanding our open community count illustrates Comstock's ability to
achieve growth. We believe expanding our already diverse product
offerings to include age-targeted products will enable us to pursue
growth in an additional and proven segment of the market."
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties that may cause actual future results
to differ materially from those projected or contemplated in the
forward-looking statements including the growth of the active adult
market, building on the lots purchased through the lot option contracts,
realization of the pricing and sale of the units, and incurring
substantial indebtedness with respect these projects. Additional
information concerning these and other important risks and uncertainties
can be found under the heading "Risk Factors" in the Company's most
recent Form 10-K, as filed with the Securities and Exchange Commission.
Comstock specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services
company, which builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our substantial experience in building a diverse
range of products including apartments, single-family homes, townhouses,
mid-rise condominiums, high-rise condominiums and mixed-use (residential
and commercial) developments has positioned Comstock as a prominent real
estate developer and homebuilder in the Washington, D.C. metropolitan
area. Comstock Holding Companies, Inc. is a publicly traded company,
trading on NASDAQ under the symbol CHCI. For more information about
Comstock or its projects please visit http://www.comstockhomes.com
Comstock:
Joe Squeri, 703-230-1229
Chief Financial
Officer
jsqueri@comstockholding.com
or
Investor
Relations:
LHA
Harriet Fried/Jody Burfening
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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