A planned 520-home neighborhood on the southeast side of Greenwood is moving forward after some early slowdowns.
The South Lake subdivision, located near Worthsville and Sheek roads, was approved in 2004 by Greenwood city boards. In 2008, the original developer, Indianapolis-based Davis Homes, went out of business. At the time, the company had built fewer than 70 houses in South Lake.
Since then, Ryland Homes of Indianapolis has continued building the subdivision and has constructed about 150 homes.
The next phase of the subdivision, which will include 196 homes on about 82 acres southeast of the existing houses, will be completed within the next four to six years, said Douglas Wagner, director of residential development for developer Bainbridge South Lake LLC. The developer still needs plan commission approval for the division of lots, infrastructure improvement approvals from the city planning department and a land alteration permit.
South Lake is near where the state plans to build an Interstate 65 exit at Worthsville Road, which Greenwood officials want to see develop into an area with high-end homes and offices.
The 196 new homes will be similar to those built previously in the subdivision, with brick and vinyl exteriors and sizes ranging from 1,500 to 3,500 square feet.
The price ranges will be about $160,000 to $280,000, according to Craig Jensen with Ryland Homes.