Newspaper article THE JOURNAL RECORD

Housing Developers Seek OK for Sizable Expansion

Newspaper article THE JOURNAL RECORD

Housing Developers Seek OK for Sizable Expansion

Article excerpt

Real estate developers seeking to tap into the demand for new homes have asked the Oklahoma City Planning Commission this week to approve preliminary and final plats for more than 1,800 residential lots.

The proposed developments, in one of the largest expansions of housing development this year - include a 508-lot housing addition by ERC Land Development Group in far west Oklahoma City known as Somers Pointe and a 414-lot single-family housing addition by Vero Investments near SW 29th Street and Morgan Road. In all, 11 residential developments will go before the Oklahoma City Planning Commission for review when the board meets 1:30 p.m. Thursday at City Hall.

In the largest proposed housing development, ERC Land Development Group said it wants to build a residential community known as Somers Pointe on 133 acres southwest of W. Reno Avenue and Cemetery Road.

The proposed development would have 492 lots for single-family homes and 16 duplex lots along with several common areas, creating landscaped green space, according to site plans for the development.

Developers are seeking approval of a preliminary plat that would allow street work to begin in the housing addition.

Also in southwest Oklahoma City, real estate developer Vero Investments said it wants to build a major new housing addition northwest of SW 29th Street and Morgan Road. The development would have 414 lots for single-family homes and two common areas on about 103 acres.

Vero Investments, in documents provided to the city, said it wants the planning commission to approve a preliminary plat for the housing addition.

The proposed developments by ERC and Vero are the largest of a series of new housing developments and additions that are in the pipeline for construction. Dozens of other developments also are in the works as the market tries to capture demand for new homes.

Real estate developers say low interest rates and an improving economy continue to drive the demand.

This week, existing home sales in the metro showed their strongest month of the year, with the Oklahoma City Metropolitan Association of Realtors reporting 1,752 closings in the metro in July, up 16. …

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