Alvarez to buy 500 lots in Atwater, River Road development
Developer Prescott Bailey is teaming with Carlos Alvarez on the development of Atwater, Bailey’s planned 250-acre subdivision that will front River Road and back up to Nicholson Drive across from University Club.
Alvarez Homes has a contract with Bailey to acquire more than 500 lots in what will eventually be an 832-lot, single-family subdivision with two access points on River Road. Bailey says the deal will essentially divide Atwater into two connected but distinct neighborhoods.
The Alvarez side of the development will comprise smaller, cottage and alley-loaded homes of between 1,700 and 2,400 square feet. Those homes will sell for between $240,000 and $350,000, according to Alvarez.
The other side of the neighborhood will be made up of custom homes ranging from 1,800 to 3,500 square feet and developed by a select group of builders that Bailey is not yet ready to disclose. He says it’s also too soon to estimate the listing price of the custom homes.
Bailey compares the new model for Atwater to that of Lexington Park and Lexington Estates, two adjoining neighborhoods on Nicholson Drive adjacent to University Club. Alvarez is developing Lexington Park with the garden and cottage-community style homes he plans to bring to Atwater and has been selling more than 100 lots a year.
“They’re having a lot of success at Lexington (with both neighborhoods) so we’re going to create a similar design here,” he says. “We’ll have two neighborhoods both under the Atwater umbrella.”
The two neighborhoods will share amenities such as lakes, green space and a pool and clubhouse.
Alvarez says he long had his eye on the property and has been talking to Bailey about working together on it for quite some time.
Bailey hopes to break ground on the 327-lot first phase of the project in the spring of 2019. He anticipates closing on the property, which has been under contract for an undisclosed price since 2017, shortly before the infrastructure work begins next year.