Maryland developer Elm Street Communities has acquired a 119-acre property on Caln Road in Coatesville where it is starting site prep to build 175 townhomes and 87 single-family homes, writes Paul Schwedelson for the Philadelphia Business Journal. 

The company bought the property after the development was fully approved a month ago for $6 million. The development is being named The Hills at Thorndale Woods. 

Downingtown-based Southdown Homes, the property’s previous owner, took the proposal through the approval process. 

Work on the site started in late October. Elm Street will construct the infrastructure for the property and sell individual lots to Ryan Homes, a Virginia-based national homebuilder. Forty-six acres will be preserved as open space. 

According to Elm Street Vice President Michael Charlton, the goal is for residents to start moving in as soon as early 2025. The full build is expected to take between three and four years. 

“There’s just not a lot of inventory on the market,” said Charlton. “And the bulk of what’s been hitting the market, even the new homes, has been much higher priced. So this will give a little more inventory out there for the starter home or first-time move-up type buyer.” 

Read more about the The Hills at Thorndale Woods development in the Philadelphia Business Journal. 

______

Editor’s Note: This post was originally published on VISTA Today in November 2023.