After sitting empty for half a decade, the old Suburban Propane property on Rehoboth Avenue Extended has been sold.
Debbie and Bob Reed of ReMAX Realty bought the property for $2.5 million - half of the $5 million for which it was originally listed. The Reeds are teaming up with Virginia-based Evergreene Homes to build 28 townhouses.
Debbie Reed said the plan is to start in late January and finish later in the year.
Ashlee Reed Hidell said the project will be know as Shoal Harbor.
She estimates the 28 upscale town houses, with 3 bedrooms, 2.5 baths and a garage, will be for sale by Fall 2013.
"All are within walking distance to downtown Rehoboth," Hidell said. "The community will feature a community pool, pool house and pedestrian/bicycle entrance on Rehoboth Avenue."
Interior units with the base floor plan will be priced at $399,900. Hidell said base specifications will include 9-foot ceilings, hardwood flooring from the entrance through the kitchen, granite countertops and stainless appliances.
"A ground floor owners suite will be available on end units," she said. The properties will be exclusively marketed by The Debbie Reed Team of RE/MAX Realty Group and built by Evergreene Homes.
For more information call The Debbie Reed Team, 302-227-3818 or email@example.com.