The TND known as Magnolia Square located in Central, developed by Nunnally Pollard Developers has closed on its first six lots. Three separate builders purchased two lots each at prices ranging from $60,000 to $63,000 each. Each builder will construct homes on the lots they purchased. One lot will be developed with a “showcase home” which will not be marketed for sale. The purpose of the showcase home purpose will be to set an example of what type construction will be taking place in Magnolia Square. The other lot will be improved with a home made available for sale. So, each builder will construct two homes, one available for sale and one to showcase the Magnolia Square concepts. The builders purchasing lots were Fetzer Properties of Louisiana, Rabalais Home and Spicer Construction. According to Jimmy Nunnally, one of the developers, the homes being constructed will immediately set the tone for the streetscape that the development is trying to achieve. Homes will have six-foot porches with balconies, rear alleyways and other features. The homes that will be made available for sale will range from 2,100 to 2,600 square feet and will be priced in the $285,000 to $360,000 range. All six lots have been sold in the first phase, which will consist of 79 lots. There are three additional lots that should close shortly. These three lots will be developed with custom homes. The pending sales are to individuals.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
