For many buyers, the American dream is no longer a single-family house with a yard.
Instead, they want to own a smaller but well-designed home in a shared community.
East Greenwich Cove Builders LLC, a small builder in Rhode Island, has staked its business model on creating that kind of community across the Ocean State.
The East Greenwich-based company recently completed its first development in Rhode Island, on reclaimed land in a part of East Greenwich near the waterfront. The planned project, called a “pocket neighborhood,” consists of 10 newly constructed condominiums that look like cottages, around a central green.
Owner Jerry Zarrella Jr., who runs the company with partner Christopher Santilli, said younger buyers and empty nesters are attracted to the quality finishes and design of the homes and the lack of maintenance. Both Zarrella and Santilli have a background in home construction and came together about two years ago for the new development concept.
“Our market is millennials and active adults,” Zarrella said. “The days of the American dream – of having your own property – our buyers look at it as a lot of work.”
The development, called Castle Street Cottages, is really an infill neighborhood.
It took the place of some older tenement-style houses that were purchased and razed by a previous owner, Zarrella said. The location is within an easy walk to Main Street in East Greenwich.
The project recently won a national design award. The National Association of Home Builders awarded it the 2019 “Best in American Living” community of the year.
“Our business model is the exact opposite of other builders,” Zarrella said. “Other builders are cutting corners to get people the larger product for the cheaper cost. Our model is [the] buyer has to be willing to sacrifice square footage for quality.”
New zoning was required for the project. Neighbors in East Greenwich, which is a community of largely single-family homes, initially weren’t enthusiastic. But Zarrella said he’s seen a change in mindset now that the construction is completed, and they can see the quality.
Because the builder can place more density on the land, the homes can be sold at a more affordable price than single-family homes. But Castle Street Cottages is not inexpensive.
The condos start at $500,000 for a two-bedroom unit. They range up to $700,000. The units are two- and three-bedroom with about 1,250 square feet of interior space. All have access to the shared outdoor area.
One of the buildings is a single structure; the remainder are built as duplex dwellings. All will pay a condo fee for the common areas and maintenance. The design angles the structures, so they all have a view.
“Every one of them is 5 feet higher than the other, so they capture a water view,” Zarrella said.
Neighbors have seemed pleased with the new development, he said. Initially, at zoning hearings, it was the opposite. “They basically were chasing us away with pitchforks,” Zarrella said. “Once they saw we were no strangers to a job site, it came together pretty quickly. They know what we’re doing [now]. We’re raising their property values.”
OWNERS: Jerry Zarella Jr. and Christopher Santilli
LOCATION: 20 Gerald’s Farm Lane, East Greenwich
TYPE OF BUSINESS: Residential construction and renovation
EMPLOYEES: 20
YEAR ESTABLISHED: 2018
ANNUAL SALES: WND
Mary MacDonald is a PBN staff writer. Contact her at Macdonald@PBN.com.
