A Lacey subdivision south of Hicks Lake where construction halted several years ago is now sprouting houses and will have people moving in early next month.
The Southlake subdivision, which has 64 single-family residential lots on nearly 70 acres of land, has four homes built and 22 pre-sold, said Kim Gazes, marketing manager for SDC Homes. The company owns 12 larger, half-acre lots on the property which are not currently for sale.
The property is a far cry from when the land was repossessed by the bank in 2009.
Boston Harbor Construction Company owned the property then and had preliminary plat approval granted by the city in 2006, according to Lacey community development director Rick Walk. Original plans called for 240 lots, but was decreased to 64 due primarily to the presence of wetlands and slopes on the site.
After getting preliminary approval, construction began: roads were built, utilities were installed and the company had about 80 percent of the work complete.
“And then the economy hit,” Walk said.
Lending restrictions led to Boston Harbor losing funding for the project and developers were unable to finalize the plat, according to a City of Lacey staff report.
Walk said that SDC Homes stepped in last year, purchased the land and completed the remaining items necessary to receive final plat approval. The approval was on the consent agenda for Thursday night’s Lacey City Council meeting. Final plat approval gives developers the green light to sell lots to home buyers.
Homes available for purchase can be customized down to the color of carpeting to avoid the “cookie cutter” stereotype, Gazes said.
Some landscaping on the property is still needed, but money has been set aside guaranteeing that work will be done in the next year, Walk said. Wetlands on the site, which has about 37 acres of open space, were dedicated to the city for ownership and stewardship purposes. Walking trails have also been put in.
Walk said it means a lot to get the plot completed since it means land won’t sit empty and infrastructure and utilities won’t fall into disrepair.
“It’s nice to see somebody be able to pick up this plat, finish it out and construct a nice neighborhood,” Walk said.
So far, the city has issued six permits at the subdivision.
According to data from the City of Lacey, single-family residential permits are down sharply when compared to figures in the middle of last decade. Last year the city issued about 270 single-family residential permits, similar to figures before and after the peak in 2006, when 1,200 were issued.
“As our market moves forward, it’s a wait-and-see (approach),” Walk said.
Nate Hulings: 360-754-5476 email@example.com www.theolympian.com/outsideoly