Crews are completing the first section of Olympic Reserve and units will be offered for sale soon, according to Susan Foreman of Coldwell Banker Heritage Roediger Realty.
“The first phase should be complete by mid-November,” Foreman said. “Maybe even sooner.”
Foreman praised the developer, Mid-Ohio Development Corporation in the Columbus area, for on-site supervision of construction and commitment to quality.
“Mid-Ohio Development has 60 years in the construction business and a commitment to Springfield. They are not answering to someone out of California. They are a family-owned business, almost like a mom-and-pop company. I have a lot of confidence in them.”
The city last week noted in a Facebook post that Olympic Reserve is part of Springfield’s Community Reinvestment Area (CRA), which was expanded in 2022 to “create more opportunities to develop new housing and improve existing homes,” the post said “To date, Springfield’s CRA program has contributed to the development of over 70 dwellings and $22,000,000 in property valuations.”
Foreman said the CRA means home owners will not be required to pay taxes for the first 15 years on the home itself.
“They will only be charged for the land, which will likely be a couple a hundred a year,” she said. “That is huge!”
The abatement remains with the property for the duration of the abatement period, even if the property is sold.
At the end of the abatement period, properties will be taxed at the total post-improvement assessed value.
Foreman said she is already receiving lots of calls about the new development. Eleven units of condominiums consisting of four residences per “quad” will be constructed when complete, all of them surrounding a pond centered in the middle of the development.
Olympic Reserve is the second development Mid-Ohio has built in the Springfield area. They also constructed the Spring Meadow rental complex located at Middle-Urbana and Villa Roads.
In the spring, Mid-Ohio received praise from Springfield City Manager Bryan Heck, who called the company “a committed partner in working to bring new housing options to our community.”
Heck said the project will help the area’s housing shortage.
The Olympic Reserve residential offerings will include the Arlington and Arlington Plus models with two bedrooms and two baths, listing at $259,000 and $279,000 respectively. The Arlington Plus model lists 1,746 feet of living space, while the Arlington has 1,139 square feet. A three-bedroom ranch home, the Bristol, features 1,997 square feet and lists at $315,000.
All residences in the Olympic Reserve feature a private entrance to an open concept style home that includes cathedral ceilings, a large-walk in closet as part of the private owner’s suite and a fully equipped kitchen with all new appliances. A new washer and dryer are also included in the purchase price, and each home has a two-car garage.
Located on the site of the former Simon Kenton Elementary School, the development is just minutes from shopping and dining opportunities and from the recreational offerings and nature preserve of Clarence J. Brown Dam and Reservoir.
Foreman said Coldwell Banker Heritage Roediger Realty is already accepting deposits and writing contracts for those interested in purchasing one of the new homes. Additional information is available by calling (937) 322-0352.