Craighead Development and Ole South Properties are set to close on Binns Farms, a 285-acre site where they plan to build a 500-home active adult community and target 55+ homebuyers. Craighead Development and Ole South Properties paid $7.5 million for the site on Binns Farms at 4020 Hickory Hills Lane, northwest of Bonna Creek Drive near Lebanon Pike in Hermitage, Tennessee.
Metro council members have approved rezoning requests for the active adult community and hope that the proposed site will attract more established buyers and active adults to the area. According to Edsel Charles, chairman of new home research firm MarketGraphics, the Hermitage market can benefit from the planned 500-home active adult community and predicts that these new homes will sell quickly over the next two years due to the growing retirement segment and Central Tennessee being named one of the best places to retire.
About 500 of the lots from the active adult community will be developed in five phases and will include a clubhouse with amenities like a pool, fitness center, and card room. It would also feature single-level homes between 1,600 to 2,600 square feet and pricing in the mid $300s to mid $400s. Developers are planning to start work on the 500-home active adult community over the next five months with construction of the first phase to begin in one year. Homes are slated to be complete by late next year or early 2019.