‘Real Estate Weekly’: Residential development planned at Lobdell and Goodwood

The last time the Planning Commission approved a residential development at the corner of Goodwood Boulevard and Lobdell Avenue, it was for a complex of townhomes called Madison Square. The project never came to fruition. Instead of a dozen buildings comprising 48-townhomes, just one of the buildings was constructed before the property was foreclosed on. Jim Price of Cardinal Acquisition has since purchased it, and now he’s planning to revive the property with a gated community called Goodwood Villas, consisting of eight townhomes and about 28 single-family homes. His target market? “You’re going to have empty-nesters and young professionals,” Price says. He believes construction could begin in four to six months, and says the existing townhome building is only in need of aesthetic amenities, such as carpeting. But first the Planning Commission needs to sign off on the development plans, scheduled to go before the board on Monday. The Planning Commission staff is recommending the board deny approval for the project because plans don’t include T-turnarounds at the end of a couple of dead-end streets. Price says he’s working with an engineer to provide connector streets. But if that doesn’t work, he says he’ll sacrifice a lot on the property to build a T-turnaround. Dennis Vidrine, president of the Goodwood Property Owners Association, was unavailable for comment on the development. —Adam Pearson Read the new Real Estate Weekly e-newsletter here.