Premium ContentMouse over Home then click on Premium Content for information.Two former HearthStone Homes employees have announced the launch of their own home-building company, as their former boss Tuesday continued to arrange a sale of his business.
Dave Vogtman said he had worked a decade at HearthStone before leaving late last year as a vice president. Nick Dolphens, HearthStone's former production manager, left last month after about nine years.
Vogtman said he and Dolphens thought they could fill a "hole" in the new-home construction market by providing more custom home details at an affordable price offered by production builders.
They said they are optimistic despite a six-year decline in the Omaha area's new-home construction demand.
"I think we're going to see a very gradual recovery start this year," said Vogtman, noting that colleagues have reported an uptick in traffic through model homes.
The Home Company, based in La Vista, will build and sell homes in the price range of $165,000 to 210,000, Vogtman said. Construction of their homes is to begin this spring in neighborhoods including the Meridian Park subdivision.
He said he expects subcontractors they've worked with for years to be excited about the news.
Meanwhile, HearthStone continues to meet with Wells Fargo Bank to avoid losing control of nearly 50 HearthStone homes in various stages of construction.
Wells Fargo had asked a Douglas County District Court judge to appoint a receiver to manage the homes after HearthStone failed to pay back a $17.5 million loan. The receivership was to take effect Feb. 6 but has been delayed as the homebuilder and the bank try to come up with a solution.
Part of the solution would involve a change of ownership. Just days after the bank filed the Jan. 25 lawsuit, HearthStone signed a letter of intent to sell the company to Omaha businessman John Wanninger.
Wanninger has said he would bring the necessary capital to keep the company afloat.
Contact the writer:
402-444-1224, cindy.gonzalez@owh.com
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