CAMBRIDGE, Md. - A major new housing development is underway in Cambridge, where more than 600 homes are planned on the property of the Cambridge Hyatt.
Tuesday's groundbreaking ceremony marked a milestone for a project nearly two decades in the making, according to developers.
76 homes are already under construction, and a significant economic boost is expected upon the project's completion. Developers say reaching this point has been a long and challenging process.
“So we picked it up about four or five years ago,” said Charlie Fairchild, president of Fairchild Properties LLC.
Fairchild explained that the original vision for the development began in 2008 with another company, but construction was delayed due to the recession.
Construction is now active, with more than 600 homes ultimately planned.
“So you have townhomes, you have villas, and you have single families,” said Fairchild.
Homes in the development will range in price from approximately $200,000 to $400,000.
“It really boils down to where can you afford—where you can buy a house on a golf course or a townhouse on a golf course for $300,000? You can’t,” Fairchild added.
Developers and local officials hope the project will drive population growth and economic development in the area.
“We have had a problem in Dorchester County where the population has only increased 16% over the last 120 years. So this will hopefully increase the tax base, so hopefully we will not have to increase the tax rate in the future,” said Dorchester County Council President Lenny Pfeffer.
An estimated $4.6 million in annual revenue is projected once the community is fully built.
“Millions of dollars in tax revenue, which is real direct money. But more importantly, that is—these families are now being embedded in the county. They’re going to be out in your local restaurants, shopping in local shops,” said Bill Christopher of the Dorchester Chamber of Commerce.
Construction began in late December, and developers say they expect families to begin moving in by late May. All 600-plus homes are expected to be completed by 2030.