Regent Homes has all 118 vacant developed lots at the massive Carothers Crossing community east of Nolensville under contract with plans for a mix of townhomes, cottages and single-family homes.
The homes will be the first built at the once-troubled traditional neighborhood development since the Great Recession brought a previous developer’s plans for the 545-acre Carothers Crossing mixed-use site to a halt.
Nashville-based Regent is targeting average prices of $200,000 for the townhomes, $300,000 for the cottages and $400,000 for the larger single-family homes, said David McGowan, its president.
Regent’s purchase is expected to close in phases over the next 24 months. Construction should start immediately after each closing, with the first homes to be completed around August, McGowan said.
“The homes will be similar to homes we’ve built in other new urbanism communities like Lenox Village, Berry Farms and Westhaven,” he said, citing plans to follow the master plan for Carothers Crossing.
McGowan cited the central location off Interstate 24 where Davidson, Rutherford and Williamson counties meet as part of the appeal. “It’s perfect for development — gently rolling hills,” he added.
Beyond the 118 lots, Regent plans to work with Carothers Crossing’s owner, The Walton Group of Cos., to buy future acreage at the new urbanism community for more home building, McGowan said.
Mostly in southeastern Davidson County, the Carothers Crossing community has entitlements for up to 3,000 residential units and 200,000 square feet of commercial space. Roughly 30 homes were built before work stopped. Canadian real estate investment group Walton purchased the property in 2014.
“We are pleased to be part of this growing area of Nashville as we continue our activities working closely with city officials in crafting plans for the Carothers Crossing property,” said Anthony Sparrow, general manager of Walton Development & Management’s Nashville office.
This article originally appeared on The Tenneassean.