Getahn Ward

The Tennessean

Memphis developer Kevin Hyneman has joined with David Patterson to develop The Reserve at Raintree Forest.

The homes are expected to average between 2,400 to 5,000 square feet.

The developers plan to put a conservation easement on roughly 100 acres.

Some neighbors are concerned about increased costs to the schools and more traffic.

In Memphis, developer J. Kevin Hyneman is known for scoring big real estate deals.

After netting a nearly 350 percent gain from selling IKEA the 35 acres where the Swedish furniture retailer opened a 271,000-square-foot store near Interstate 40 and Germantown Parkway in December, Hyneman has a contract to build a $14.5 million new headquarters in Collierville for large Memphis-area employer Mueller Industries.

But in the Nashville area, where the developer plans to relocate from Memphis over the summer, Hyneman has flown under the radar pursuing smaller homebuilding projects — including at the Tuscany Hills subdivision in Brentwood. That's about to change with Hyneman pairing up with David Patterson to develop a high-end subdivision on 233 acres at Crockett Road and Raintree Parkway near The Governors Club in Brentwood. Patterson, a Nashville businessman and investor, has owned that property since 1997.

The $125 million The Reserve at Raintree Forest subdivision is expected to have 113 lots for million dollar-plus homes, averaging 2,400 to 5,000 square feet. Patterson and Hyneman plan to sell off about two-thirds of the lots undeveloped to custom builders and to self-develop the rest of the home sites before selling them to other builders.

"It's one of the most desired locations to be in in all of Brentwood," Hyneman said about the site, which includes what's considered the highest elevation in that city.

The business partners are targeting a year's-end groundbreaking on The Reserve at Raintree Forest, pending plan approval from Brentwood for the 113-lot development.

They're negotiating with The Land Trust of Tennessee to put a conservation easement on roughly 100 acres on the 900-foot hilltop, which will mostly be preserved for recreation and other uses. Possibilities for that portion include creating a pair of 50-acre lots or home sites that could be sold for $1.95 million each or negotiating a sale of that land to the city of Brentwood, which could add the location to its park system.

Hyneman estimates a four-to-five-year build-out for The Reserve at Raintree Forest, assuming the economy remains as it is today, or up to eight years. "We anticipate a lot of demand," he said, adding that financing isn't a concern. "We gotten a lot of calls."

Steve Fridrich, the owner and managing broker at Fridrich & Clark Realty LLC, said the $1 million to $1.4 million price range targeted for the homes remains an active market amid low interest rates and buyers wanting new features. "Buyers still seem to be attracted to new — the latest kitchens and bathrooms and floor plans that they see in magazines," he said. "And they don't seem to want to wait for it. They want it now."

John Braswell, president of the Glen Abbey Homeowners Association, said he's yet to find anyone in the nearby 74-home Glen Abbey subdivision who supports the project. Concerns of residents include increased burden on Williamson County Schools from adding more families with school-aged children to the area, more traffic and potential loss of more of the treeline hilltops that he counts among Brentwood's best features.

"The question is: Will property taxes received for an additional single-family home be enough to cover the incremental educational expenses to the school system?" asked Braswell. "Plus, there's more traffic on the roads in Williamson. We have to have an increase in the property tax, sales tax or wheel tax because of unrestrained growth."

Braswell said the proposed conservation easement will allow the developers to take a huge tax write-off and is also part of their strategy to appease Brentwood's planners.

Ric Chavez, president of The Highlands Homeowners Association, likes the conservation easement idea but is anxious to see details of the developers’ agreement with The Land Trust of Tennessee.

“Our association has a concern that any development of new roads into our community will create a safety issue given that the infrastructure isn’t there to support any additional traffic,” said Chavez, who lives in the adjacent Highlands Park subdivision. “It’s a visibly, pristine property in a high profile location.”

Hyneman said the plan approval sought from Brentwood is in full compliance with that city's zoning ordinance. "The property is already zoned," he said. "I'm not asking for any zoning approvals."

The 233-acre site was originally owned by two sisters from the Holt family, after which Holt Road was named. The street passes through Davidson and Williamson counties.

Patterson, whose business ties include Wiley Bros-Aintree Capital LLC, is known for donating a 45-acre easement to Metro in 1995 that made possible a segment of the Mill Creek Greenway that runs along Antioch Pike and Blue Hole Road in Antioch.

Reach Getahn Ward at gward@tennessean.com or 615-726-5968 and on Twitter @getahn.