If all goes according to plan, The Estuary, a new community on Balm-Riverview Road in Riverview, will hold a Grand Opening of its model center in mid-August. Penny Fletcher Photo
RIVERVIEW — A different kind of new community is under way at 11521 Scarlett Ibis Place in Riverview on the west side of Balm-Riverview Road.
M/I Homes of Tampa hopes to unveil the first models in The Estuary in August, according to Marshall Gray, M/I Homes area president.
Cost efficiency to buyers was the first consideration, mainly due to the economy.
There will be no clubhouse, community pool or parks in the development.
Gray says this will allow people to purchase larger and better homes because the costs of building and maintenance will be lower.
Where many developers apply for CDDs (Community Development District) from the county which allows them to obtain low-cost financing by issuing tax exempt bonds, CDD’s are not being used at The Estuary.
When a developer has a CDD, he is required to have certain kinds of amenities, including parks and many other things not required if no CDD is involved.
Costs of building these things are passed on to homeowners in the initial price of homes and later in homeowner’s association fees.
“Because The Estuary has no CDD fees, it allows for low HOA fees and customers can qualify for and purchase more home for the money,” Gray said.
“Homes will start around $179,990 and go up to about $354,990,” said Gray. “The square footage will be anywhere from 1,610 to 5,263.”
All the homes will be single-family, he added.
When asked about beginning a new development at this stage of the slack economy, Gray said families are still seeking to buy.
“They’re still getting married, having children, and seeing other big changes in their lives. I’m confident there’s still a demand for new homes of quality,” he said.
Many floor plans are available and several different models should be finished by mid-August, said on-site Office Manager Kimberly Jackson.
All the homes are made of block, yet on two-story homes, the second story is always wood, Gray pointed out.
“We’re part of both the 3-Star Energy Program which holds high standards for everything from insulation to efficient heating and cooling systems and energy-efficient appliances,” he explained.
Buyers are encouraged to visit the site often and talk about their vision and concerns and are given a token hard-hat for that purpose.
The community will be built in four phases with about 250 homes being the final total at build-out.
Corporate officials say they hope models will be ready for a Grand Opening by Aug. 15. Floor plans for all models will be available at the Grand Opening.
“We hope to see the first customer models ready in about 30 days,” Gray continued.
The estimated completion date for the project is three years.
To find out more, call (813) 290-7900 or visit www.mihomes.com
