Pulte Homes has acquired 72 acres located east of Interstate 65 in Franklin from the estate of Elizabeth Turner Campbell, the late daughter of Dollar General founder Cal Turner Sr. The national builder plans to build 153 homes on the property, which sits off Clovercroft Road south of the McKay's Mill subdivision.
Pulte officials say they plan to immediately begin work on the new development, dubbed Amelia Park. The land has been owned by ETC Ventures, a part of the Turner Campbell estate, since 2007. (Elizabeth Turner Campbell died unexpectedly in 2011.) At the time, it was zoned for 92 single-family lots but Marshall Shumate, ETC's real estate operations manager, said he and partner Joey Harwell chose to sit on it as the recession took hold. Two years ago, with the construction market gathering strength, Shumate began working with Franklin officials to increase the site's density. That resulted in approval in August of last year of a plan to divide the 72 acres into 153 lots.
Pulte's homes are expected to range in price from $350,000 to $500,000 and will be built southeast of where McKay's Mill's Market Street intersects with Clovercroft. (See map below.) Shumate, on the left in the adjacent photo, said sale talks with another builder broke down last December, but it was by then clear the land would be developed sooner rather than later.
"It soon became apparent that other potential buyers had significant interest in this site," Shumate said in a statement. "We decided an RFP would be the most comprehensive, conclusive approach through which to maximize Amelia Park sales proceeds for the beneficiaries of the Elizabeth Turner Campbell estate."
Those proceeds now amount to $8 million and Pulte and ETC have agreed to include seller financing in their deal, allowing the estate to benefit from long-term increases in the subdivision's property values. Much of the money generated from the sale will go toward supporting the Center for Courageous Kids, a Scottsville, Ky., camp for medically challenged children founded by Turner Campbell.
"The combination of the local real estate recovery, the City's approval of a new development plan that is more compatible with the current single-family home market, and Pulte's proposal to defer a significant portion of the consideration paid for the property will result in a very nice recovery on an asset that we considered to be distressed as recently as two years ago," Harwell said.
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