FAIRBORN — A local developer has begun work on Waterford Landing, a $20 million housing and commercial development spurred in part by growth around Wright-Patterson Air Force Base.

CESO Inc., part of Centerville-based Oakes Cos., broke ground on the infrastructure for the first phase of the 146-acre development on Tuesday, June 22.

The development, located at the intersection of Interstate 675 and Yellow Springs-Fairfield Road, will include three ponds and a landscaped boulevard, said Lance Oakes, a project manager with CESO. His parents, Shery and David Oakes, own the Oakes Cos.

The initial phase will include single-family homes built on 41 lots, expected to be ready in late August or early September, Oakes said. Ryan Homes has contracted with CESO to build homes in the development, he said.

When Waterford Landing is completed, plans call for it to have 496 units, including 226 condominiums and 274 single-family homes. Nearly 8 acres will be devoted to retail such as coffee shops, Oakes said.

The homes will sell for between $160,000 and $250,000, Oakes said.

CESO had planned to start the development in 2007, but postponed it when the economy turned down, Oakes said.

Expansion of the Air Force base and pent-up demand for new housing in Fairborn drove CESO’s decision to move ahead with the project, he said.

While some builders have added new phases to existing developments, Walt Hibner, executive director of the Home Builders Association of Dayton, said Waterford Landing is the first brand-new project he can recall in the area in at least two years.

“They’ll probably have a good customer base coming from Wright-Patt,” Hibner said.