Greene County closed yesterday on the sale of 98 residential lots in the Jamestown development.
Subdivision developer Bussell Building Inc. agreed to buy the lots in Patriot Place, the residential portion of the Rogersville development. Team 24-7 Realtors of Murney Associates, Realtors brokered the deal.
Greene County Presiding Commissioner Bob Cirtin declined to disclose the acquisition price, and the sale was not yet filed with the county recorder’s office this morning. Cirtin did not respond to additional requests for information. The county in
October 2014 acquired the failed Jamestown development for $13.6 million.
Bussell said his company plans to break ground next week on around 20 homes up to 2,700 square feet in size. He’s targeting a March deadline for half of the speculative homes and plans to wrap up by summer. Within four years, Bussell expects to build 98 homes at the subdivision, which he said would keep the Patriot Place name.
“There’s demand out there in Rogersville. I think that’s an untapped area,” said Bussell, who also declined to disclose the purchase price. “More importantly, there’s demand in the scarcity of lots that are available right now, period.”
The 98 lots, each less than a quarter acre, represent the remaining residential lots for sale by Greene County in the Jamestown development, Bussell said.
When Greene County bought the property last year in a sheriff’s tax sale, it matched the full $13.62 million neighborhood improvement district assessment owed by investors. Jamestown developer Stephen Cope worked with the county to secure an NID to fund infrastructure development, which came with increased property taxes to pay back the county. With the county’s purchase, the NID was dissolved.
Bussell said the removal of the NID taxes works in his favor.
“That gives me a more level playing field. That makes it a more appealing subdivision to purchase,” he said.
Bussell Building has a history of working to reverse troubled subdivisions, including Vintage Hills in west Springfield and Kelby Creek in Nixa. Bussell said his company has built over 1,000 homes to date.
At the 200-acre Jamestown, a 27,000-square-foot strip center was built, along with the subdivision’s road and utility infrastructure, but the majority of its 104 residential lots were never sold or developed.
