The property also includes 10 to 15 acres for neighborhood commercial development, according to the development agreement.
The single-family homes will be built on large lots and will be owner-occupied, according to the agreement.
“The land purchase will not close until a six-month due diligence period is completed,” City Manager Scott Brunka said. “Part of that area is within a floodplain which needs to be evaluated. The sale will close after all the contingencies are addressed.”
Brunka also said the developers have already initiated the process to rezone the property from Light Industrial, I-1, to residential planned unit development. He said the planning commission will review the proposal which is a multi-month process.
The land was purchased by the city of Lebanon for more than $1 million in the 1990s for a future water well field. At its Feb. 6 work session, council determined that the land was surplus property and is no longer needed for city use.
In the documents and illustrated concept plans, the developers said they “plan to use the natural elements of the landscape and existing topography as the baseline for the roadway and open space layout. This will result in nearly all of the homesites having a private and wooded setting. The homes will be designed and constructed such that each is unique, but will follow the design guidelines set forth by an architectural review board to ensure certain quality and architectural standards are met.”
While the developer said there will not be a square-footage requirement, they expect the owner-occupied homes to range from 2,500 to 7,500 square feet and the average price to be in the range of $1 million to $2 million. This price point is higher than what is specified in the development agreement with the city, which set a minimum market price of $850,000.
Depending on the number of homes that are built, the developer created two similar concept plans. The larger one of the plans calls for 38 homes to be constructed on about 62.5 acres in residential area; about 39 acres of wooded area; and about 24.4 acres of open space. The average homesite area would be about 1.6 acres.
Mayor Mark Messer said he was “excited” about the sale and the development of well-built, high-end homes.
“It’s a win for the water department and for economic development,” Messer said.
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