Gated community to be first in state to cater to horse enthusiasts

Cheryl Caswell
Charleston Daily Mail
May 04, 2006

The state's first gated community for people who love horses is being created in the Eastern Panhandle by a developer who will be one of the first to live there himself.

Peter Corum, a certified public accountant and mortgage consultant, purchased 70 acres of Shepherdstown-area farmland with two other investors and is selling 16 lots ranging in size from 4.5 to 11 acres.

The development is laid out so that the homes surround a 9.5-acre park with riding trails. Stables, an indoor equestrian center and outdoor lighted track will also be included, although homeowners can opt to build their own facilities on their property.

Corum said, "It's the best of the country, but with the amenities of a community for like-minded people who have horses and maybe kids. But it will have privacy -- really, a nice balance."

Corum, 37, is breaking ground to construct his own home at The Crofts on a 33-acre site. He and his wife own horses and have two children, 1 one and 4.

"We've been watching the real estate boom and the equestrian boom here," Corum said of the Eastern Panhandle. "So for us it all came together in this development."

Corum, who formerly worked for the Federal Reserve, also spent two years in Charleston with CityNet. He has also owned a building materials business and a medical equipment store.

"My banking side ties in with the home mortgage business," he said. "And of course, the building materials experience is a huge benefit now. The land development has brought everything together."

The Jefferson County gated community will restrict home construction to luxury, custom homebuilders. Corum said all of the homes will be in the $1 million to $1.5 million price range.

"We have four lots sold," he said. "We're budgeting for a lot every two months, and we're holding to those numbers so far. Of course, the price points are very targeted.

"We're leaning toward having a mix of true professional horse people and general hobbyists," he said, adding that he and his wife are in the second category.

Horses are a big part of the economy of Jefferson County, where one of the state's two racetracks is located at Charlestown. Corum said he has watched the interest in horses, and the money generated, increase over the years.

"Based on our demographics and our studies, equestrian communities are the new golf communities," Corum said. "There are others in Kentucky, Las Vegas, the Carolinas, and there are two others in West Virginia, one in the Martins Ferry area and one south of Charlestown."

One of the lots sold is owned by a contractor who is building a spec house on the site, which will be for sale.

With the equestrian community well under way, Corum has another idea on the back burner.

"It's maybe a year behind this one, but I am developing a live-work arts community in the Shepherdstown area with 32 higher-end units. It will be for artists who want to have their own home and workspace and it will have gallery space.

"These types of developments are making a statement that West Virginia is a competitive and inspiring place," he said. "It's part of the maturing of this area.

"In today's market, we're just small business people," he said. "But you have to niche out and be creative. No big developer would bother with communities of 16 or 32 lots like we are."

More information about the equestrian development is available at thecroftswv.com.

Contact writer Cheryl Caswell at 348-4832.

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