Compass, 3 Pillar will buy 36 lots in Dublin-area project
Housing construction at Jerome Village will get under way this spring with three homebuilders committed to buying 129 lots in the development northwest of Dublin.
Compass Homes Inc. and 3 Pillar Homes LLC have agreed to buy 18 sites each from developer Nationwide Realty Investors Ltd. Construction of model homes is set to begin once streets are completed into the Glacier Park residential section of the 1,435-acre mixed-use project The builders join Columbus-based Schottenstein Homes LLC, which last fall said it would buy 93 lots at Jerome Village.
The contracts mark the first phase of a project expected to total 2,200 houses.
GENERATING TRAFFIC
Compass Homes President Mark Braunsdorf said the traditional neighborhood style of Jerome Village attracted him to the development.
"It's not just a collection of subdivisions with a main collector road connecting them." he said. "It's designed as a neighborhood with a town center."
While other Central Ohio developers in the last decade planned subdivisions with neo-traditional design elements. Braunsdorf said this project extends the approach to the variety of housing and the mixed-use commercial development, similar to what is found in the Celebration and Seaside master-planned communities in Florida.
Braunsdorf expects to land six to nine home contracts for Delaware-based Compass in Glacier Park this year, with home prices ranging from the low-S300,000s to more than $500,000.
"This is one of the best opportunities I've seen since I started Compass in 2000," he said. "I think there will be demand."
3 Pillar CEO Zenios Michael Zenios said Glacier Park allows his Galena company to offer more houses in the well-regarded Dublin school district. He builds in theTar-tan Ridge subdivision, about a mile away from Jerome Village, where his houses are priced at more than S-100,000. His Glacier Park houses will begin in the S300,000s.
"It's just a stone's throw away," Zenios said. "We feel by participating in both, we can get exposure in the market from the S300,000s to the S800.000s."
Both 3 Pillar and Compass expect to have models open by late summer, with the first houses finished in the fall.
Virginia Homes President Charles Ruma said Glacier Park means more competition for the 34 lots he bought last year at Tartan West, a development south on Hyland Croy Road. But it will also generate more home-shopper traffic, he said.
"Jerome Village is a good thing," he said, "because it brings M. Braunsdorf: new people and excitement to Compass Homes the area."
BUILDING UP HOMES
Nationwide Realty, which developed the urban Arena District and Grandview Yard projects, said Schottenstein Homes has six contracts for houses starting in the S240,000s. It also has reservations for 17 more.
'They've done really well in attracting buyer interest," said Nationwide Realty President Brian Ellis. "It bodes very well for Jerome Village."
Ellis said Nationwide "will not close the door" on selling lots to other homebuilders this year.
"We're going to start here and see what happens," he said. "I think we have strong representation and feel good about the three we have."
The arrival of commercial projects in the town center will take several years, after the housing market takes root, he said.
"We've always felt we would fully establish Jerome Village first as a residential community," he said. "(Commercial) is not the focal point right now."
Housing construction at Jerome Village will get under way this spring with three homebuilders committed to buying 129 lots in the development northwest of Dublin.
Compass Homes Inc. and 3 Pillar Homes LLC have agreed to buy 18 sites each from developer Nationwide Realty Investors Ltd. Construction of model homes is set to begin once streets are completed into the Glacier Park residential section of the 1,435-acre mixed-use project The builders join Columbus-based Schottenstein Homes LLC, which last fall said it would buy 93 lots at Jerome Village.
The contracts mark the first phase of a project expected to total 2,200 houses.
GENERATING TRAFFIC
Compass Homes President Mark Braunsdorf said the traditional neighborhood style of Jerome Village attracted him to the development.
"It's not just a collection of subdivisions with a main collector road connecting them." he said. "It's designed as a neighborhood with a town center."
While other Central Ohio developers in the last decade planned subdivisions with neo-traditional design elements. Braunsdorf said this project extends the approach to the variety of housing and the mixed-use commercial development, similar to what is found in the Celebration and Seaside master-planned communities in Florida.
Braunsdorf expects to land six to nine home contracts for Delaware-based Compass in Glacier Park this year, with home prices ranging from the low-S300,000s to more than $500,000.
"This is one of the best opportunities I've seen since I started Compass in 2000," he said. "I think there will be demand."
3 Pillar CEO Zenios Michael Zenios said Glacier Park allows his Galena company to offer more houses in the well-regarded Dublin school district. He builds in theTar-tan Ridge subdivision, about a mile away from Jerome Village, where his houses are priced at more than S-100,000. His Glacier Park houses will begin in the S300,000s.