Fischer Homes, which built Monroe Meadows in Lebanon seen here, has bought the majority of the single-family land assets of Inverness Homes. FILE

Miamisburg: Inverness sale shouldn’t affect plan for 127 new homes

The Nov. 13 announcement of Fischer’s purchase to expand its reach in the Dayton-area market came about four months after Miamisburg City Council approved the rezoning of about 42 acres for an Inverness housing development.

Final development plans have yet to be submitted for the site, which is largely vacant farmland at the northwest corner of Miamisburg Springboro and Medlar roads near Pipestone Golf Club and the Austin Boulevard interchange of Interstate 75.

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The sale “doesn’t affect the deal” for Courseview @Pipestone, Miamisburg development director Chris Fine said. “All indications are the Courseview project is still a go.”

The Inverness plan is one of two in Miamisburg that, if approved, could bring more than 300 new homes to the city. The other — Deer Valley — calls for nearly 200 homes off Benner Road, west of the Miamisburg Springboro intersection.

Miamisburg has also approved the rezoning for Deer Valley, which calls for 197 homes on about 86 acres.

The Inverness plan includes a mix of “lifestyle” - or single-story units aimed at empty nesters – but the majority would be traditional homes, Miamisburg officials said.

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The future Courseview plan “may have a different style of homes,” but the city expect the company to meet similar standards, Fine said.

Attempts to reach Fischer Homes officials regarding the housing project were unsuccessful.

Inverness was targeting a spring 2020 groundbreaking for the phased project expected to take five to six years, city officials said.

The land was annexed by the city from Miami Twp. and is the focus of a property tax-sharing agreement for the two jurisdictions.

Erlanger, Ky.-based Fischer is a growing company. It ranks 31st in the U.S. this year among home builders, according to probuilder.com.

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In 2018, it was ranked 37th and the year prior was 40th, according to the website. In 2017, it had more than $522 million in housing revenue.

The Inverness “land positions will enable us to effectively meet the rapidly growing housing demand in Cincinnati, Dayton, and Louisville markets,” Fischer CEO Bob Hawksley said in a statement released by the company earlier this month.

“This expansion further allows us to deliver on our strategic growth plan and add to our portfolio of communities that stand the test of time,” he added.

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The area communities Fischer has built in include Dayton, Middletown, Springboro and Washington Twp., according to its website.

Inverness will continue its business operations with the primary focus on developing land while maintaining an appropriate staff to ensure the construction and warranty service for all homes it sold will be completed, according to Fischer.

Starting Jan. 1, Fischer Homes will be coordinating the completion of all Inverness homes under construction as well as providing oversight of all homes within the one-year warranty period, according to the company.

-MORE COVERAGE ON THIS ISSUE:

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