Groundbreaking for Island Lakes at Midtown Taylor is November 9
Real Estate Interests Group, Inc. (REI) and Centex Homes announce the groundbreaking of the Island Lakes of Taylor residential development in Taylor, Michigan, at 10 a.m. Thursday, November 9.
The 107-acre project was conceived through the City of Taylor’s efforts to spur development on underutilized, urban infill sites. The site is the former location of vacant, city-owned property and a Wayne County storm water retention basin that encompassed the entire eastern one-half of the property. In partnership with Wayne County and the State of Michigan, the City of Taylor and REI applied creative economic development financing tools to fund certain aspects of the project. The site presented several challenges, including wetlands to be preserved, soil suitability issues and the tremendous undertaking to reconfigure the basin. New home construction will be financed by Centex Homes.
Jon Weaver, Partner at REI, states that “Island Lakes represents a shining example of how public/private partnerships can be utilized to generate economic development opportunities in challenging market conditions.”
The development is located on Goddard Road, west of Pelham and consists of 199 residential lots, with homes ranging from approximately $200,000 to $260,000. Centex Homes indicates that 15 lots have been sold even before a model has been constructed.