M/I Homes buys land for $55 million Liberty Township community

View Photos

Courtesy M/I Homes of Cincinnati

This is a rendering of the entryway for Turnbridge, a 138-home community that will be built by M/I Homes of Cincinnati in Liberty Township.

Tom Demeropolis

Reporter- Cincinnati Business Courier

Email  |  Twitter  |  Google+  |  LinkedIn

M/I Homes of Cincinnati LLC is starting work on a $55 million residential community in fast-growing Liberty Township.

M/I Homes of Cincinnati purchased a 137-acre piece of land at 5850 Millikin Road from Otto and Gayle Keeton for $3.15 million, or about $23,000 per acre. The land will be developed into a new community called Turnbridge, which will have a total of 138 singl- family home sites.

Greg Williams, president of M/I Homes Cincinnati, said the homebuilder will start paving roads for the first section of the development in December. He plans to start construction on a model home in January 2015.

"This site is really something special," Williams said.

A large portion of the land, 49 acres, will be set aside for preserving the open and wooded space on the property. There will be a brick-and-stone entryway, with walking paths throughout the community. In addition, there will be a four-acre park in the middle of the community.

Williams also said the location will make the community desirable. It is about six minutes away from Interstate 75 and a seven-minute drive to the under-construction Liberty Center mixed-use development.

The home sites in Turnbridge will be 80 feet wide, ranging between 130 and 140 feet deep. The homes, which will range in size from 2,200 to 4,000 square feet, are expected to range from the $350,000s to more than $500,000. The average sale price is expected to be about $400,000.

Turnbridge will be developed in five phases. Williams anticipates a four-year build-out for all 138 lots.

The first phase will have seven home sites. The second phase is expected to have roads paved in May. Williams plans to open the community for sales late in the first quarter or early in the second quarter of 2015. The model home, which will be decorated by Chicago-based Mary Cook & Associates, is expected to be complete in April.

Demeropolis covers commercial real estate and development.