Stockbridge at Tanglewood into second phase of development
By William F. West
Sunday, November 19, 2017
A large residential subdivision is in a second phase of development just off the busy Halstead Boulevard Extended corridor.
In the new Phase II at Stockbridge at Tanglewood, three homes have been sold, five are under contract and nine are in various stages of construction. When completed, Phase II will have 129 single family homes.
Phase I was completed earlier this year, with a total of 116 single family homes sold and two remaining as display homes to show prospects interested in moving into Phase II.
Bill Darden is executive vice president of Hearndon Construction, in Chesapeake, Va., the primary developer of Stockbridge at Tanglewood.
In assessing the success of the project on a scale of one to 10, Darden said, "Well, in the environment we've been through, I would put it in a seven."
"It has done well," Darden said.
Darden was referring to the market conditions in the aftermath of the nationwide housing bubble and the collapse of the financial markets in 2007-08.
"Obviously, the real estate market was very weak in the post-recession period, but things are rebounding nicely," he said.
Darden said land was purchased for the development in 2008 and said construction of the first homes started in 2010, with homes in Phase I primarily selling from anywhere from $180,000 to $230,000.
Darden said sales in Phase II began in January. An online site map shows future homes in Phase II being offered in price ranges of nearly $225,000 to nearly $255,000.
Darden said crews have developed approximately 60 lots on which homes can be constructed immediately in Phase II.
Asked when he estimates he and his team want all 129 of Phase II’s lots developed, he said, "It's dependent on the market and sales activity."
He said a third phase of the project has enough land for slightly more than 170 lots, but he said, "We do not have any immediate plans for that."
Meantime, city officials said Stockbridge at Tanglewood has submitted preliminary design documents for just south of Halstead Extended and on both the left and the right of the 7-11 convenience store. The store is just off Halstead Extended and by the street leading into the subdivision.
City officials said Stockbridge at Tanglewood is interested in fostering development of 15 commercial lots and a multi-family residential lot on the immediate south side of Halstead Extended.
Elizabeth City-Pasquotank County Economic Development Director Wayne Harris said for a number of years Stockbridge at Tanglewood was about the only new development selling new homes in the area.
Harris cited the residential development’s location being just east of the Bypass U.S. Highway 17 and Halstead Extended interchange, which offers convenience for commuting to work in Virginia’s Hampton Roads area.
"So, that was an advantage, but also they pack a lot of value into the homes they build – and they've been rewarded with good sales," Harris said.
Local businessman Arthur McPherson III and his family developed the City Center West business and hospitality site along the Halstead Extended corridor just west of South Hughes Boulevard.
McPherson said he believes what's going to be the key to the Halstead Extended corridor's future is more residential rooftops to attract more commercial development.
"You've got to have the right mix," he said. "You've got to have enough population to support the retail and the restaurants and other things."
As for Stockbridge at Tanglewood, he said he believes the residential development is an efficient and well-run operation. He also noted the development company has a warehouse-supply system so it can purchase building materials directly on the market.
"And so they're able to deliver a product at a very competitive price point," he said.
McPherson also said he believes Stockbridge at Tanglewood’s timing was good.
"They didn't get started back in 07, 08 and 09," he said. "They sort of got going as things were slowly starting to come back – and I think were either smart or fortunate in their timing."
The N.C. Department of Transportation’s data shows Halstead Extended Boulevard is handling approximately 18,000 vehicles a day.
Halstead Extended was first opened to traffic in 2004, providing a direct connector route to Bypass 17, which was opened a couple of years earlier.
Both projects set the stage for major development to the west of the city proper, where the new Walmart Supercenter opened in 2007 as the anchor store at the Shoppes at Tanglewood shopping center.
In 2009, the Tanglewood Lake apartment complex followed by opening behind the Shoppes at Tanglewood.
In 2015, just east of the Shoppes at Tanglewood, the ceremonial ribbon was cut at the Tanglewood Pavilion shopping center, which features a Hobby Lobby, a Ross Dress for Less, a T.J. Maxx and other businesses.