‘Real Estate Weekly’: Alvarez to build Lexington Park homes

Alvarez Construction Company Inc. has bought the 51.5 acres that will make up Lexington Park—the third phase of Lexington Estates off Nicholson Drive—from developer Greg Flores for $2.7 million. “The homes will range in price between $230,000 to $300,000, and the living area will range from 1,800 [square feet] to 2,400 square feet,” says developer Carlos Alvarez. “Mr. Flores will build a pool, pool house, tennis courts and baseball field for the benefit of Lexington Park and Lexington Estates residents.” Flores confirmed in mid-January that he will build a clubhouse at the entrance to the 274-lot Lexington Park as well as retail and commercial space along Nicholson Drive. “I look at it more as a joint venture,” says Flores, noting he and Alvarez had worked on this deal for about eight months. “And I will still develop Lexington Estates.” Flores says Alvarez Construction will build the streets—including the connector street to Lexington Estates—and utility infrastructure in Lexington Park. Alvarez says Flores’ plans for two lakes with walking paths, landscaping and lighting in Lexington Park are unchanged. —Adam Pearson More local real estate news can be found in the new Real Estate Weekly e-newsletter here.