The new owners' plans include building single-family homes on a portion of the land and an assisted-living facility on the remainder, according to
The planned developments would not disrupt the character or traffic flow of the existing neighborhoods, said H & M partner
He said the landowners' vision for the subdivision is to have "lower square footage but higher amenity" houses, possibly geared toward baby boomers looking to downsize their living spaces but still enjoy high-quality living.
Jones would not reveal any details about plans for the subdivision, such as a number of homes, size of lots or a timeline for construction, though he said work on the property could begin "within the next year."
The landowners are negotiating a contract for the assisted-living facility, Jones said.
"It is just prime, with wonderful developments all around it," Jones said of the property. "It's absolutely amazing that there's still a little piece of land that's still not developed after all these years."
Indeed, land available for development is scarce in
"I doubt you'll see very many more (subdivisions) in
Building began in Rockbridge eight years ago at the height of the housing market but stalled two years later in the midst of the worst economic recession in generations, led by a real estate collapse.
The developers scaled down the cost and size of houses in the subdivision, Cooper said. Recently, he said, building has picked back up in the neighborhood, with three new cottage-style houses completed and three more in the works.
"This one's finally taking off," Cooper said. "I think we've finally come out of the really bad part of the recession where people now feel a little more confident to go out and buy houses."
There are still about 20 available lots in the neighborhood, Cooper said.
The real estate market in
Reach Ellis at (803) 771-8307.
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