A developer has purchased land at Village of North Clayton to build new homes, hoping to breathe life in the stalled housing development.
The 120-acre development along West National Road (U.S. 40), started in 2006, was envisioned as a mixed-used community of single family homes, apartments and retail shops.
North Clayton Development LLC was the original developer of Village of North Clayton, and defaulted during the housing market crash after 15 initial homes were built, said home builder Tom Peebles, a partner on the project.
About 20 homes total were built and the property has been inactive for several years, said Gwen Eberly, Clayton’s director of economic development and community services.
The apartments were not built, Eberly said.
Retail businesses on site include Esther Price Candies, 4810 Balzano Blvd.; Destiny Salon and Spa, 8949 Anneliese Way; and The Green Nature Cafe, 8941 Anneliese Way.
In 2010, Indianapolis, Ind.-based RCS Holdings LLC purchased the remaining available land at auction, Peebles said.
“It didn’t work out the way we wanted to … but it came at least to a reasonable conclusion,” Peebles said. “I want to see the project continue and I want it to be successful.”
The most recent turn of events is that Craig Crossley, owner of Springfield-based Crosstowne Properties, closed Fridayon a deal to buy seven lots from RCS Holdings and MidUSA Credit Union. Crossley has options on another 20 lots.
“The attractive thing to us is it’s already a developed site and developed lots” with streets and utilities in place, Crossley said.
Crosstowne Properties will build three models of single-family courtyard homes ranging in size from 1,850- to 2,850-square-feet, Crossley said. Prices, depending on buyer options for home features, will range from $250,000 to $350,000.
The homes have been designed to have rear-facing garage doors to fit with the style of existing homes there.
“I expect in the next 30 days to put up a model home,” Crossley said Wednesday. “Then what we expect will happen is we’ll get some pre-sales and as we sell them, we will build them.”
As the economy gets back on its feet, the new construction could help spur more development at Village of North Clayton, Eberly said.