It would have been easy to give up.
With hundreds of lots being turned over to banks, Hedgewood Properties faced difficult times in early 2009.
More than a year later, the Cumming-based company is gradually putting its house back in order, beginning with two new homes in Vickery.
“We are excited we’re able to start building something in Vickery again,” said Pam Sessions, co-founder and chief executive of Hedgewod.
“With those two contracts ... that was a very quick response and we’re continuing to see traffic increase and that people are definitely interested.”
Vickery, a 214-acre mixed-use project in south Forsyth, was one of five similar Hedgewood developments throughout the state plagued with foreclosure.
In addition to Vickery, Sessions is optimistic about the other projects, including one in Marietta that has also seen some positive progress.
Construction in Vickery has idled for more than a year. But recently, a small, private investment group stepped in and bought 50 lots from Regions Bank, which owned a portion of Vickery.
Construction is under way on two single-family model homes priced below $380,000. Sessions said Hedgewood has one lot under contract and another heading in that direction.
“It’s definitely not a speculative market at these current times, so we’ll maintain a very small level of inventory and take contracts to build,” Sessions said.
Wachovia Corp. still owns the commercial component of the development, dubbed Vickery Village, along with more than 200 lots and residential pads.
Sessions noted while the new investor is encouraging construction on 50 lots, “the bank is not there to build out the property.”
“They will be selling the property,” she said. “So we’re looking forward to that investment being made so we can build out the rest of the neighborhood.”
Sessions said Vickery is halfway to its construction goal of about 640 homes.
The residential component of Vickery is slated to include 480 single-family detached homes, 110 townhomes and 50 flats.
The community features amenities like tennis and basketball courts, a playground, two private lakes and the Forsyth YMCA.
The makeup of Hedgewood has changed since Vickery was first being conceptualized.
Previously divided into three arms — properties, design studio and realty service — Hedgewood Properties is inactive and Hedgewood Realty is the main part, offering sales and design services.
Vickery’s original architect, Lew Oliver, continues to design the homes and two original construction companies will be handling home building.
“We’ve pulled back together the team of designers so we can continue to execute in the same spirit of the existing homes in Vickery,” Sessions said.
The news of activity in Vickery is a relief for Fran Marty, who works both as an agent for Hedgewood and lives in a Vickery home.
“I’ve been on the sales team since before the neighborhood even opened, when we were planning Vickery,” she said. “I’m thrilled as a homeowner here and as a believer in mixed use that we will have 50 more homes that will seamlessly fit in with our neighborhood.
“This is big news for the community.”
The 50 lots purchased by the investment group can be used for 36 single-family homes and 14 townhomes.
Sessions said she’s hopeful the investment will be the first of many.
“We look forward to that investment being made to build out the rest of the neighborhood,” she said. “The start of new activity here hopefully will inspire others also to participate in the purchase of build-out and I feel it’s what’s best for the neighborhood.”
With hundreds of lots being turned over to banks, Hedgewood Properties faced difficult times in early 2009.
More than a year later, the Cumming-based company is gradually putting its house back in order, beginning with two new homes in Vickery.
“We are excited we’re able to start building something in Vickery again,” said Pam Sessions, co-founder and chief executive of Hedgewod.
“With those two contracts ... that was a very quick response and we’re continuing to see traffic increase and that people are definitely interested.”
Vickery, a 214-acre mixed-use project in south Forsyth, was one of five similar Hedgewood developments throughout the state plagued with foreclosure.
In addition to Vickery, Sessions is optimistic about the other projects, including one in Marietta that has also seen some positive progress.
Construction in Vickery has idled for more than a year. But recently, a small, private investment group stepped in and bought 50 lots from Regions Bank, which owned a portion of Vickery.
Construction is under way on two single-family model homes priced below $380,000. Sessions said Hedgewood has one lot under contract and another heading in that direction.
“It’s definitely not a speculative market at these current times, so we’ll maintain a very small level of inventory and take contracts to build,” Sessions said.
Wachovia Corp. still owns the commercial component of the development, dubbed Vickery Village, along with more than 200 lots and residential pads.
Sessions noted while the new investor is encouraging construction on 50 lots, “the bank is not there to build out the property.”
“They will be selling the property,” she said. “So we’re looking forward to that investment being made so we can build out the rest of the neighborhood.”
Sessions said Vickery is halfway to its construction goal of about 640 homes.
The residential component of Vickery is slated to include 480 single-family detached homes, 110 townhomes and 50 flats.
The community features amenities like tennis and basketball courts, a playground, two private lakes and the Forsyth YMCA.
The makeup of Hedgewood has changed since Vickery was first being conceptualized.
Previously divided into three arms — properties, design studio and realty service — Hedgewood Properties is inactive and Hedgewood Realty is the main part, offering sales and design services.
Vickery’s original architect, Lew Oliver, continues to design the homes and two original construction companies will be handling home building.
“We’ve pulled back together the team of designers so we can continue to execute in the same spirit of the existing homes in Vickery,” Sessions said.
The news of activity in Vickery is a relief for Fran Marty, who works both as an agent for Hedgewood and lives in a Vickery home.
“I’ve been on the sales team since before the neighborhood even opened, when we were planning Vickery,” she said. “I’m thrilled as a homeowner here and as a believer in mixed use that we will have 50 more homes that will seamlessly fit in with our neighborhood.
“This is big news for the community.”
The 50 lots purchased by the investment group can be used for 36 single-family homes and 14 townhomes.
Sessions said she’s hopeful the investment will be the first of many.
“We look forward to that investment being made to build out the rest of the neighborhood,” she said. “The start of new activity here hopefully will inspire others also to participate in the purchase of build-out and I feel it’s what’s best for the neighborhood.”