Happy belated Halloween from EQA Landmark Communities, Newbury and myself, Brett A. Malky! I last updated you on our progress in February of this year and I am elated to tell you we have made wonderful progress over the last 8 months.
Below please find an update on our progress at Newbury as well as some general updates on some of our projects here in Southwestern, PA. We have made spectacular progress and are truly blessed in these challenging times. A great deal of thanks goes to many of you who have continued to support this company, our work and myself, and we hope we honor that support by executing on some of the best new communities in the nation right here in Western, PA. In spite of our nation’s economic challenges, our new communities have been received extremely well by the marketplace.
VT Partners, LLC will break ground this Monday on what promises to be the premier new neighborhood in the North Hills of Pittsburgh, Venango Trails. Please feel free to visit the website to learn more about this TND inspired new neighborhood on the former Venango Trails public golf course in Marshall Township, PA (www.venangotrails.com). At build out, Venango Trails will include 473 new homes ranging in price from the low $200’s to over $2.0 million. We are proud that the owner of the property has chosen to dedicate 88 acres of the site to a regional land trust, assuring that this vital public asset, an old growth forest and home to the historic Venango Trail, will be maintained in perpetuity for the public benefit.
Edgewater, our new traditional neighborhood development in Oakmont is off to a spectacular start. Kacin Companies and EQA are pleased to announce that we have sold 42 homes in just under 6 months. At build out, Edgewater will include 240 homes and neighborhood shops. 5 persons or families now call Edgewater home! For those interested further in this project, please visit www.liveatedgewater.com.
2011 has been a great year for Newbury. Please visit our website for further updates on our progress (www.newburymarket.com). We recently opened the second phase of the residential neighborhood. The 15 lots in phase 2 have already seen 7 sales with the road having been paved only a few weeks ago. 4 new homes are under construction in this phase alone and another 18 homes are under construction in Phase 1. 30 persons or families now call Newbury home. I am pleased to tell you that Newbury has now achieved 54 sales in a little over a year! In fact, the sales in Edgewater and Newbury make these among is not the 2 best selling communities in the Pittsburgh MSA. All of the Manor homes in Phase 1 are sold and only 2 Park and 2 Cottage home sites remain available in Phase 1. In the coming 2 weeks, we will begin our first Village Townhome building and 2 weeks ago we unveiled the Carriage model built by S & A Homes. I too have lived at Newbury now for a little over a month and I am happy to report that Team Malky LOVES living at Newbury. Great design, the highest quality home and a thoughtful community have without question improved our family’s quality of life. Sales are so strong that we will begin Phase 3 construction this Winter. This work will also allow us to complete the park and sled riding hill, readying those for use next year!
We are nearing completion of 84 Lumber’s new home and plan to begin work on the entrance to Newbury Market in the Spring, as well as all of our offsite road improvements. We are finalizing LOI’s and leases for all of the stores and shops in Phase 1 and plan to begin construction late next year. We recently secured additional financing which will allow us to proceed more quickly with commercial development. In addition to Giant Eagle, Marriott and our office partner, we are confident everyone will be excited about the great restaurants, mid box retailers and small shops that plan to call Newbury home. Also look for Newbury Village, the new rental community in Newbury to begin next year. This 250-unit garden style apartment community will feature 1 and 2 bedroom homes ranging in rent from $1,000 – $2,500 per month. The development of this vital part of Newbury will also cause the construction of the pool and clubhouse at Newbury next year, readying them for use by residents and tenants the following year.
I am hopeful this email finds you, your families and your businesses well this Fall season and I gratefully thank you for your continued support.
Brett A. Malky
EQA Landmark Communities