A new residential subdivision is being proposed for the city’s far northwest side
Indianapolis-based Arbor Homes unveiled Monday and Tuesday what would be its third subdivision built in the city of Kokomo.
The new subdivision, dubbed Walnut Heights, will be 394 lots on a 116-acre plot of land on the southeast corner of the intersection of West Judson and North Dixon roads. Most of that space will be filled with single-family detached homes, according to Arbor Homes’ current concept plan, with approximately 26 acres reserved for unused common area.
Home sizes would range from 1,200 to 3,200 square feet. Lot sizes would be between 60 to 65 feet wide and 120 or 130 feet deep with average lot size at 8,142 square feet. The subdivision would be managed by a homeowner association.
The company also plans to construct a one-mile trail through the heart of the subdivision that would connect to both Dixon and Judson roads and the adjacent city-owned Berkley Park. A handful of detention ponds to handle storm water and 15,900 of public streets will also be constructed.
The company received a favorable recommendation from the Kokomo Plan Commission Tuesday over its rezoning request, and the request now heads to the Kokomo City Council for a final vote. The company is planning to rezone the 116 acres from agriculture and R1 (very low density residential) to R3 (medium density residential), though Julie Smith, land entitlement manager for Arbor Homes, said the ultimate goal is to eventually rezone the property to a Planned Unit Development. After rezoning, the proposed development will also require a few other governmental approvals, including development plan approval, before it can begin construction.
Prospective homebuyers would have 12 floor plans to choose from, and home prices would be between $ 325,000- $ 350,000, similar to what other Arbor Homes communities in Kokomo and around the state are selling for, though Smith said prices are subject to change based on housing market trends. Construction is expected to begin in 2023 and take five years until completion.
Notably, the subdivision would include Arbor Homes’ newest floor plan Genesis, which the company is pitching as a more affordable option compared to the company’s usual offerings.
“Our goal for this is to provide single-family detached homes at an attainable price point,” Smith said, adding that with rising construction costs and rising home prices, the company is seeing a demand for more affordable homes from first-time homeowners. “For instance, our standard Arbor product… has risen (in cost) from approximately $ 175,000 to over $ 300,000 in the last five years.”
According to the concept plan, 54 of the 394 lots would be designated for Genesis, and homes would be priced between $ 225,000 to $ 250,000 and range in size from 1,150 to 1,920 square feet.
The Genesis homes would be in nine groups of six separate homes and would be either a two or three story home managed by its own HOA, which would maintain the private, shared motor court leading to the Genesis homes, as well as the houses’ front landscaping, fencing and snow plowing.
The 116 acres is currently in the county, though the process to annex the land into the city has already begun.
The Kokomo City Council Monday unanimously approved a fiscal plan for the proposed annexation that goes over the impact of the annexation to the city.
The fiscal plan, drafted by the city on June 6, recommends the annexation of the property.
According to the plan, the city would receive an estimated $ 439,189 in additional property tax revenue after full build out on an estimated $ 87,750,000 in total gross assessed value and $ 130,820 in Economic Development Income Tax, County Option Income tax, excise tax and Financial Institutions Tax.
Those revenues are compared to an initial $ 188,700 in cost to the city for paying for two totes for each house and installing street lighting. The city also estimates $ 51,022 in recurring annual costs for trash and recycle pickup and upkeep of the roads, snow removal and leaf pickup within the subdivision.
The fiscal plan states no additional police officers or firefighters will need to adequately cover the subdivision.
In total, the fiscal plan estimates the city would net $ 112,645 in 2024, which would grow to $ 549,146 in 2028, after expenses.
A public hearing for the voluntary annexation request will first need to be held at a later date before the City Council can formally vote on it.