Stalled gated subdivision in B.R. getting a new life

Published Mar 29, 2012 at 10:00 am (Updated Mar 29, 2012)

Roughly eight years after it was initially started, Shadowbrook Lakes—an upscale gated community comprising 65 lots at Jones Creek and South Harrell's Ferry roads—is once again under construction. Level Construction partner Todd Waguespack says his company recently purchased the lots in the development from Penn Properties for roughly $4,355,000, or about $67,000 per lot. "[Penn Properties] started on this in about 2004 or 2005 and built a couple houses, but with the economy and everything they just couldn't get it going," says Waguespack, adding Penn Properties continues to work with his firm on development of the subdivision. "We've really just started in there. We've got about five lots pre-sold so far, we've sold about two houses and we've begun construction on the clubhouse." The roughly 3,400-square-foot clubhouse and outdoor pool will eventually be surrounded with homes ranging from about $250,000 to $315,000—priced at roughly $100 per square foot. Waguespack says he expects the total build-out to take about three years. —Steve Sanoski