Park Street Homes expands urban infill homebuilding model

Homebuilding scale today conjures satellite GPS imagery or drone-generated aerials.It shows up in thousands of lots under control, sprawling master-planned communities, national purchasing agreements, and dozens of operating divisions, with enough annual closings and local metro-area clout to drive fixed costs down across an enormous production machine.Kevan and Ayesha Shelton are building toward another definition.At Park Street Homes, their bet is that production-homebuilding discipline can create scale in places where conventional production builders have historically found it difficult to operate: established urban neighborhoods where lots are fragmented, infrastructure is old, architecture carries history and the people already living there have good reason to care deeply about what gets built next door. The Sheltons have spent the past decade proving the model in Houston and, increasingly, beyond it. Now, despite an unforgiving homebuilding environment of fragile demand, strained affordability and expensive capital, they are preparing to push harder. Park Street has identified roughly 15 additional urban markets as potential expansion targets and is raising capital to acceler...