Getahn Ward

The Tennessean

Last week, Beazer Homes paid $4.7 million for the Magnolia Farms subdivision site.

Craighead Ole South completed buying the 285-acre Binns Farms for $7.5 million..

Prices of homes at Magnolia Farms will start n the mid-$200,000s to the mid-$300,000s range.

The 500 homes planned for the Binns Farms site will be priced in the $350,000 to $450,000 range.

With rezoning approvals from Metro Council in hand, developers are moving forward with plans for subdivisions that should bring nearly 790 new residences to Hermitage.

Craighead Development and Ole South Properties just paid $7.5 million for the 285-acre Binns Farms at 4020 Hickory Hill Lane with plans to build 500 single-family homes targeting active adults ages 55 and older. That follows Beazer Homes recently paying nearly $4.7 million for roughly 97 acres on Hoggett Ford Road with plans for the new Magnolia Farms community of 289 homes and villas.

Hermitage community leaders hope the new subdivisions help to shift demographics in that area east of downtown more toward families and older adults from largely younger, single apartment and condo dwellers. "Young singles don't have the disposable income like more established families and seniors," area Metro Councilman Kevin Rhoten said.

Last week, Metro Council approved Craighead Ole South's request for specific plan zoning to permit up to 500 single-family lots on Binns Farms, northwest of Bonna Creek Drive near Lebanon Pike. Council members also approved Beazer's request for a rezoning of the Hoggett Ford Road site, east of Brandau Road.

Edsel Charles, chairman of Franklin-based new home research firm MarketGraphics, sees the Hermitage market absorbing about 530 new homes over the next two years. "We have a growing retirement market that's one of five of the best places to retire in Middle Tennessee," he said. "There's a bigger market than we're satisfying right now."

Hughes, a partner in the project Craighead Ole South plans for Binn Farms, said the 500 lots will be developed in five phases with the subdivision to include an amenity complex with a swimming pool, club house, fitness center and a card room. The one-level homes will be 1,600 to 2,600 square feet in size with prices in the $350,000 to $450,000 range.

Site work should start within five months with construction of the first phase expected to start a year from now. Delivery of the homes is expected late next year or in early 2019.

“It's just a beautiful farm," Hughes said about the 285-acre site. "It's got about a mile and half frontage on the Cumberland River and it connects to the Metro greenway system."

140-acre donation planned to Metro Parks

Craighead Ole South plans to donate 140 acres of the Binns Farms property to Metro Parks, which is working on a master plan for an adjacent large regional park that will include the 600-acre Lytle Farm and the 180-acre former Ravenwood Country Club property.

"it's an important tract of open space along the Cumberland, so we're very fortunate that it's going to be protected and connect to the Stones River Greenway and the new park," said Shain Dennison, Metro Parks' assistant director for greenways and open space.

Beazer Homes' Magnolia Farms is also expected to feature a swimming pool, cabana and a lot of open space, said Geoff Hart, that homebuilder's Nashville division president.

The subdivision will include 289 homes, of which 68 are Beazer’s two-unit villas that will provide ranch style floor plans desired by an older demographic.

Hart expects site development work to start this fall with construction of the first phase of homes at Magnolia Farms to begin around April or May. Prices of the 289 single-family homes are expected to start in the mid-$200,000s to the mid-$300,000s range, he said.

With Magnolia Farms, Beazer Homes hopes to expand on success of its Villages of Riverwood subdivision across the street where the Atlanta-based company that's one of the nation's 10 largest homebuilders just sold the last home.

"The Hermitage area has been very popular with our homeowners because of its proximity to the lake as well as easy access to downtown and shopping, and we’re looking forward to continuing our presence in this area," Hart said.

Richard Fulton and Shane Douglas of Colliers International's Nashville office represented the seller of the Binn Farms property.

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



