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The project is a change for Bavatr Properties, a commercial developefr that hasn’t built new homed before but is hoping the time is righrt to break into theresidential market, said Robert Bavar, the company’s vice president. Timonium-bases Bavar is partnering on the $25 million project — the Enclave at Emerson — with a more establishexd residential builder, Murn Development of Ellicott The two firms recently acquiredthe 8-acres site, in the 570-acre Emerson planneds community, from for $3.1 million.
Bavar said the price was “significantlt less” than what General Growth was askinv for the land ayear ago, before the Chicago-baseed developer’s mounting debts forced it into The property is southeast of Interstate 95 at Marylandd Route 216, surrounded by severa other high-end Emerson for-sale homes. The developere have not lined up financing for the but Bavar said he does not expectr that to be a problem even with the ongoing credif crunch for new realestate projects. That is becausw of the project’s locationh in affluent Howard County and greater willingness to lend to developersof multi-famil housing complexes.
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