DDC owns the 18.95 acres of land near the intersection of Brandt Pike and Haldeman Avenue. Phase I consists of 55 lots, and the construction of homes by Ryan Homes is expected to start later this year.
“We’re very happy that this project is finally underway,” Chodkowski said. “We hit some stumbling blocks along the way, but the fact that we’re moving forward is a demonstration of the city’s commitment to the project.”
Riverside City Council awarded the $1.315 million infrastructure project to Piqua-based Kinnison at its March 7 meeting. DDC deposited $1.4 million into an escrow account before the city entering into the infrastructure contract, Chodkowski said.
The road improvements originally were estimated to cost $1.6 million.
“We like the fact that it’s in the Mad River school system and there’s no other new development sites in Riverside,” said Lance Oakes, project manager for DDC. “We look forward to a very successful project.”
It has taken more than a year for Riverside to reach this point in the project.
In April 2012, 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.
In June, Leo B. Schroeder was awarded the $1.3 million infrastructure construction contract after the company won its bid protest. The infrastructure project was to start early the next month, but delays from the county involving the sanitary sewer lift station and issues with DDC’s lender pushed the project back.
Then in October, city council rejected the bid submitted by Leo B. Schroeder Inc., and DDC requested that Phase I be delayed until this year.
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.
“For so long during the downturn of the economy, we really didn’t have anything going on,” said Bob Murray, the city’s director of planning and economic development. “Now, things are starting to bubble to the surface. This is the first sign of that.”
In September, DDC purchased another 19 acres at 3810 Old Troy Pike, which will result in another 31 lots for Phase II in the future. When Phase II begins is “going to be dependent on the sales of Phase I,” Oakes said.
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