Gaithersburg-based Natelli Communities plans to subdivide the property into 381 lots for a residential community that it plans to call Falls Grove. Total investment in the community could top $160 million, company officials said.
The seller was veteran local banker Gordon Inman, who himself paid $11.58 million for the property off Eudailey-Covington Road about six years ago. The property, about half a mile from the corner of Arno Road and State Route 840, was being developed into a subdivision called Inns of The Cove before the downturn in the real estate market brought work to a halt. A total of 99 lots had been prepared for construction.
Natelli has developed more than 75 communities in Maryland, Delaware and elsewhere in the Mid-Atlantic region and is looking to expand beyond those markets, said CEO Tom Natelli.
“We see the Nashville market, in particular, as one that holds great promise over the next 15 to 20 years because it’s very well positioned for growth,” he said.
Natelli said the $160 million includes what builders will spend on homes and what his firm will spend on amenities such as a clubhouse, pool and tennis court.
“We’ll make refinements to what was originally planned but continue basically with the overall design that was intended.”
As soon as permits are pulled, The Jones Co. and NVR Inc. plan to start building homes on the first 99 lots early next year. Amenities should be ready by summer 2015. Work should begin on Phase 2 later that year.
Next month, Natelli plans to obtain approval from Williamson County’s planning commission to change the name of the development to Falls Grove. The homes, to be built on half-acre lots, will range from 2,500 to 4,500 square feet and be listed from the upper $300,000s to the $500,000s.
Natelli Communities plans to open a division here to be led by the CEO’s brother, Michael, who will be general manager of its Williamson County project. It hopes to develop more communities here and has specific interest in the Interstate 65 corridor, including Williamson County, Natelli said.
The property where Falls Grove is planned is next to where Terra Verde Group is developing The Grove, a gated country club community with an 18-hole Greg Norman signature golf course.
“We’ve excited about the continued growth in southern Williamson County,” said Mark Enderle, a partner in Terra Verde, the Texas real estate investment and development firm.
Natelli’s best-known projects include Avenel in Potomac, Md., which has a Tournament Players Club golf course and features 1,000 homes. Also in Maryland, it is developing Villages of Urbana, a master-planned community with 3,500 homes.
Article Courtesy of Tennessean.com