Miller Commerce LLC and Coryell Collaborative Group are partnering on part two of senior-living community Tera Vera.
The second phase, on recently purchased land west of Jefferson Avenue along Sunset Street, will add 32 villas, doubling the size of the adjacent 30-village community east of Jefferson to Kimbrough Avenue, said Kyle Cook, new development project manager for Miller Commerce.
Cook said Tera Vera’s 30 current units are fully occupied after opening to residents in 2016. Phase I, which cost $7.5 million, included a community clubhouse and a dog park, according to past Springfield Business Journal reporting.
Cook declined to disclose the cost for Phase II, which is being constructed by H.C. Rogers Construction Group LLC and designed by Arkifex Studios LLC. A Springfield building permit at 2675 S. Jefferson Ave. points to a declared valuation of $500,000.
Officials expect to start construction within the next two months and open the new villas to residents in summer 2020.
The Terra Vera II LLC ownership group, led by Matt E. Miller of Miller Commerce and Sam E. and Sam M. Coryell of Coryell Collaborative, closed on the purchase of the 5-acre parcel of vacant land in March from Empire Mortgage Co. Cook declined to disclose the purchase price, and the warranty deed on file with the Greene County recorder also does not list a figure.
Like with Phase I, Coryell Collaborative’s TLC Properties will manage the second phase of Tera Vera, Cook said.
Miller Commerce also is co-developing a $27 million-$28 million senior-living community called Turners Rock Senior Living on Sunshine Street, east of U.S. Highway 65.
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