Roughly six weeks after a team of investors led by businessman John Engquist acquired the residential portion of Rouzan for $21 million, Level Construction & Development is set to begin constructing 46 homes on small and medium-sized lots in the Traditional Neighborhood Development.
Level, represented by Ryan Engquist, purchased the lots for roughly $6.9 million in a deal that closed late last week. The seller is listed as Engquist-Rouzan Residential Development, a limited liability company represented by Todd Waguespack.
Both Engquist and Waguespack—along with developer Charles Landry—are partners in the Rouzan deal. In addition to the residential portion of the TND, the group also purchased Rouzan’s commercial land and debt.
The lots Level purchased are in the first of three residential filings planned in Rouzan. They’re located in the heart of the development, Landry says. The filing has a total of 74 lots, and the remaining 28 lots will be marketed to other builders. Other committed builders include Robert Scheffy III and Mike Telich.
Level is building three and four-bedroom homes that will range in size from 1,500 to 2,200 square feet. The houses will be priced in the high $300,000s to the low $500,000s, Landry says. The company will start pulling building permits in the next two weeks and start building the first five houses in 45 days.
“All of these lots are very very consistent in terms of the existing design and standards that are imposed by Rouzan,” Landry says.
Infrastructure work on the second filing—which consist of 72 medium lots—will be finished in about two to three months from now, Landry says. The third filing will have 138 medium- and estate-sized lots that are expected to be finished in the next three to four months. Custom homes will be priced in the $700,000 to $900,000 range.
“There will be plenty of product for people who want to be build houses in Rouzan,” Landry says. “The demand is astonishing.”
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