Work on the Brantwood Subdivision in Riverside is planned to start early next year, city and development officials said.

Representatives from DDC provided city council with an update, and they said once council passes resolutions at its Dec. 20 meeting to amend agreement documents, the $1.4 million for the infrastructure project will be deposited into an escrow account.

The project will then be bid out again the first full week of January, Riverside City Manager Bryan Chodkowski said.

“We are so pleased to have new homes built in the community at a time when no new homes are being built in and around the Dayton area,” Mayor Bill Flaute said. “I’m pleased the project is moving forward. It will be successful.”

DDC owns the 18.95 acres of land near the intersection of Brandt Pike and Haldeman Avenue. Phase I consists of 53 lots and the construction of homes by Ryan Homes is projected to start in the summer.

Equipment could be on site by early March, and the model home would then follow shortly thereafter.

“It’s hard to fathom because it’s taken so long to get to this point, but it will be a success,” Chodkowski said. “This is redevelopment, so it takes a little longer. Eleven years ago, the project started as a business park. At the end of the day, we’re adding attractive, new residential units in a market where the sale of new residential units is growing.”

Leo B. Schroeder was awarded the $1.3 million contract June 7 after the company won its bid protest. The infrastructure project was to start in early July, but delays from the county involving the sanitary sewer lift station and issues with DDC’s lender pushed the project back.

On Oct. 4, city council rejected the bid submitted by Leo B. Schroeder, Inc., for the infrastructure construction project. Due to the delays, the estimated cost increased approximately 10 percent of the original bid. DDC then requested that Phase I be delayed until January 2013.

DDC raised the necessary funds from private investors and plans to deposit the $1.4 million into an escrow account. Vice President Mark D’Urso presented city council last week with a $50,000 good faith check. The cost to rebid the infrastructure project will be about $3,000 to $3,500, Chodkowski has said.

“The good news is we’re rounding third and heading home on this project,” D’Urso said. “You’re taking a step of faith and we’ve taken a step of faith. We’ll all be pleased with what we’re going to see here.”

The road improvements originally were estimated to cost $1.6 million.

In April, city council approved the Brantwood Tax Increment Financing and infrastructure development agreement between the city and DDC. DDC will pay for the road improvements, and the TIF fund set up will be to pay off the city’s loan.

The average selling price of each home is expected to be $180,000, with the year-end tax revenues distributed to the Mad River Local School District, the Brandt Pike TIF District and the city of Riverside via income tax.

In September, DDC purchased another 19 acres at 3810 Old Troy Pike, which will result in another 33 lots for Phase II in the future.