A development group led by construction manager DDC paid $10 million on Tuesday for 61 acres directly west of Hamlin Town Center in Horizon West, with plans ready for the first 285 home lots to be built on that side of S.R. 429.
located on the northwest corner of the 429 and New Independence Parkway intersection, the 61 acres are set among a sea of agricultural land that has largely gone untouched from Horizon West development until now.
Minneapolis-based private investment firm Castlelake L.P. was financier of the land purchase and a majority partner in the residential development with DDC, which will be managing the horizontal construction.
NVR, Inc., parent company of homebuilder brands Ryan Homes, NVHomes and Heartland Homes, originally put the land under contract but then brought in DDC to take over, acquire county permit approvals and ultimately deliver finished lots to NVR for staged takedown.
The project's Preliminary Subdivision Plan (PSP) is approved, and DDC is now awaiting mass grading permit approval this month and construction plan approval to follow, said Brian Martin, a land acquisition specialist formerly with NVR and now a consultant to DDC.
"We hope to break ground in December, and deliver model lots to NVR in July or July 2018," he told GrowthSpotter.
The 285 home lots will be a mix of townhomes, and single-family lots of 34 feet and 50 feet wide. The planned community will have an amenity center with pool, cabana and tot lot.
The land was sold by trusts and investment affiliates managed by Daryl Carter, president of Maury L. Carter & Associates, which paid a combined $6.746 million for four parcels making up the property between 2007 and 2014.
Carter and his team have worked over the past two years to prepare the property for sale, coordinate a school site dedication, and reach agreements with other area stakeholders to share the cost of extending utility lines from the more developed east side of Independence Parkway to the west side, going underneath the 429.
Boyd Development, which is developing the 150-acre Hamlin Town Center on the east side of S.R. 429, was one of those stakeholders that agreed to share utility extension costs. It owns more than 218 acres on the west side of the intersection as well.