Homebuilding is back: Scottsdale company plans new home project


By Dave Vieser. Taylor Morrison Home Corp., based in Scottsdale, Arizona, is becoming a major player in the Charlotte area having just completed a $16.5 million purchase of 72 acres in Harrisburg. Most of the property, which was previously owned by Orleans Homes, is located in the Bridge Pointe section of Harrisburg.

The purchase is part of a $166 million cash buy of Orleans property assets in Charlotte, Raleigh and Chicago and reflects a continuing consolidation trend within the home building industry. Meanwhile, Pennsylvania-based Orleans will retain its largest division in Philadelphia and parts of New Jersey and New York.

The deal puts another out-of-town builder back into the mix of tract developers in the Charlotte region. The Cabarrus Building Industry Association could not be reached for comment.

“We are so pleased to welcome this property into the Taylor Morrison family,” said  Sheryl Palmer, Taylor Morrison’s CEO. “Consistent with our focus on building quality homes in core locations, the Harrisburg lots are in a high-growth area where consumers want to live, aligning with our strategic priorities.”

Taylor Morrison builds and develops communities aimed at a wide range of homeowners, including first-time and move-up families, luxury homes and active adults. The company sold 1,729 homes in the first quarter of this year.

The company dates back to July 2007 when Taylor Woodrow and Morrison Homes combined their operations. Prior to the Harrisburg/Orleans purchase, Taylor Morrison’s most significant land purchase within the past year were two communities in California  which they purchased from Lehman Brothers for approximately $350 million.

The Bridge Pointe development is not far from I-485. Homes planned are in the 2,900 square foot range to about 3,700 square feet.

The acquisition is consistent with what many analysts see as a trend toward more consolidation among the 23 public U.S. builders, which will continue as smaller competitors agree to be bought out.

Bethlehem, Pa.-based Orleans emerged from bankruptcy and went from being publicly held to a private company in the midst of the recession.


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