Plans are moving forward for 14 new lots of single-family homes in Saint Peter.
Windsor Homes, LLC has been given the green light for a third addition at the Windsor Pond subdivision. After originally undertaking a 22-lot development in 2002 and adding 34 additional single-family lots in 2004, the combination of inventory and market conditions led to a break in development at the site.
Community Development Director Russ Wille says the new third addition is a great thing for the City.
“If you look at an analysis of that on a net-acre basis, Windsor Pond is the highest performing as to property values per net-acre. It’s over 900-thousand dollars per net-acre. Small lots, some 250, 260, 280-thousand dollar homes. It really turns out to be kind of a condensed gold mine for us, if you will.”
The developer has indicated that four to five of the 14 lots are already sold.
Due to the lack of parkland, an agreement with the City calls for the developer to pay over 11-thousand dollars in Parkland Dedication Fees.
Construction of the slab-on-grade, single-family homes is anticipated to start this summer.