Down-size lots sought in next phase of Streamwood

Faced with the reality of the housing market, Crescent Resources plans to scale down the size and cost for future homes in its 370-acre Streamwood at Falls Cove Development in Troutman. In a presentation to the town board Nov. 5, vice president James Martin said that unlike Phase One, which features luxury homes on lots of a half acre or more, future phases of development would feature homes starting at $250,000 on lots as small as 50 feet in width, pending town approval.

In 2006, the town approved a site plan for Phase One that included 138 lots for luxury homes, priced at the time around half a million dollars. Martin says only 32 homes have been built, as the company ran straight into a sagging economy and different preferences from home buyers. Future plans will take that into consideration.

“We will be coming back to the board to gain approval for smaller lots of between 75 and 50 feet width,” Martin said. “Over the years, we’ve learned to present various lot sizes and price points in our developments.”

At the same time, Crescent will be increasing the amount of open space to 40 percent – 35 percent for natural preserves and 5 percent for pocket parks.

Reaction from the town board was mixed. Mayor Pro-Tem Mike Spath said he was encouraged that Crescent Resources was planning on coming back to the town with new plans. “Times have changed since 2006. Young couples don’t want the big lots and homes anymore. Let’s keep an open mind.”

However, Alderman Curt Rogers expressed reservations. “At first blush I feel that these smaller lots, especially the 50-foot lots, are just too small for Troutman.”

Timing for the formal presentation of the new plans to the town board for their approval is still tentative. “I’d say we are looking at a couple of years down the road,” Martin said. “What we are hoping is that sales in Phase One will pick up, creating some momentum for the next round.”

The property is located between Autumn Leaf Road and the northeastern tip of Lake Norman. In 2006, the town board approved the annexation of approximately two-thirds of the property, which enables residents to utilize the town’s municipal services such as sewage disposal and water.

Crescent Resources, established in 1969, was once affiliated with Duke Energy but is now primarily owned by two investment firms based in New York. The company has built a number of developments in the Lake Norman area including The Point in Mooresville, The Peninsula in Cornelius and Sailview located on the western shore of the lake.