Builder Carlos Alvarez will develop the 213 single-family homes in Woodstock Park, a planned residential development that will front Nicholson Drive between Lexington Estates and University Club.
Developers Windy Gladney and Doug Olinde acquired the nearly 53-acre property for $4.6 million from BREC in a deal that closed Friday.
Though the BREC board had previously approved the sale, commissioners will again vote on the deal at their meeting Wednesday because of a technical change that was made to the purchase agreement after its initial approval.
Homes in Woodstock Park will average between $350,000-$450,000, according to Gladney, who says that, while the market for luxury homes—those priced above $750,000 or so—is overbuilt, there’s still plenty of demand for starter homes and those priced below $500,000.
That’s especially true in the southeast portion of the parish and along the Nicholson Drive corridor. In addition to the two developments that bookend Woodstock Park, the new community will be just a mile or so down from Harveston, which will soon break ground on the first commercial development along Nicholson Drive in that area.
Last week, the Metro Council approved the use of Tax Increment Financing to help developer Mike Wampold recoup the cost of bringing commercial development to Harveston and the surrounding area. His plans call for a grocery store, offices, apartments, a church, charter school, health and wellness facilities and new police and fire substations.
BREC sold the property as part of a long-term strategy to unload surplus and obsolete properties. BREC had acquired the 53-acre parcel years ago and was leasing it as farmland.Â
