Plans for apartments to be included in a mega-community on the east side of Greenwood have been dropped.
More than a decade ago, construction began on the nearly 1,000-home Homecoming neighborhood, off Main Street east of Interstate 65. Since then, more than 600 homes have been built.
About 29 acres on the west side of the subdivision have been vacant because multiple plans to build there have been scrapped.
The initial plan for that area, proposed by the original developer C.P. Morgan, was for nearly 281 homes with alleys, small yards and garages.
When C.P. Morgan went out of business, the neighborhood was taken over by the developer Precedent. The company saw a demand for apartments in the undeveloped area in Homecoming, rather than smaller homes.
Residents fought, but the plan to build nearly 440 apartments was approved in 2009. But that plan fell through when the Greenfield-based apartment builder Paragus Group backed out of the project.
Republic purchased the acreage from Precedent shortly after plans for apartments fell through in 2009. Now, Republic plans to build 221 single-family homes instead, because the demand for homes is back up since the market has recovered following the recession, said attorney Eric Prime with the Van Valer Law Firm, which represented Precedent and now represents Republic.
“It’s a market-driven decision,” Prime said.
“You can’t build (apartments) if nobody wants them there. The rest of the subdivision is (houses), so it just made sense. We were hoping it would be seen as a benefit to move back to (houses) and bring (the subdivision) back to the original plan.”
The plan is to fill the 221 lots over the next four years. The houses will be custom-built when lots are purchased, which will make the design of each home unique.
Home prices will vary because developers will build whatever the buyer is willing to pay for, Prime said.
Under the city requirements, Republic’s proposal had to fit the character of the neighborhood, connect with the entire subdivision, benefit property values and show responsible development and growth. The Greenwood Advisory Plan Commission unanimously voted in favor of forwarding the proposal to the city council, which must approve Republic’s request to develop the area before construction can begin.
The subdivision will be what it was supposed to be when it was designed, Prime said.
“(Homecoming) was a subdivision that just came at the wrong time and went into fits and starts,” Prime said. “It’s very nice to see (that area) finally finished. It’s awesome to be involved in the growth of this city.”
