Winfield housing base expected to grow with Grand Ridge, other new homes
Available new houses in Winfield will soon increase by 44 with proposals for some 342 additional residential possibilities in the future.
The Winfield Plan Commission on Thursday gave secondary plat approval to Phase 3 of Grand Ridge subdivision located at 10317 Grand Boulevard.
Those plans include the building of 44 new homes, Providence Real Estate Development president John Carroll said.
Planners also gave positive feedback but held discussion only, on proposals for 146 new homes to be built by Lennar Corp. at 5510 E. 117th Ave. and 196 new homes to be built by Diamond Peak Homes at 11500 Randolph St.
The town of Winfield, incorporated in 1993, continues to grow given the increased housing stock being constructed. The population was 2,298 in 2000 and in 2020, according to the 2020 U.S. Census, jumped to 7,000. A recent census population estimate put the current figure at 8,557.
A snapshot of the town, as presented by the Veridus Group of Indianapolis in 2023, showed that Winfield increased its population by 212% between 2000 and 2020 with it ranking ninth-largest in growth rate for a town or city in Indiana.
The plan commission, in addition to granting secondary plat approval, also approved a $1.5 million performance bond for Phase 3.
Carroll said plans are to proceed with building the homes, in Phase 3, this month with 28 termed Signature and 16 termed Sterling.
Grand Ridge subdivision, initially approved by the Winfield Town Council three years ago, is located on 87 acres off Grand Boulevard and south of E. 103rd Avenue.
Plans by developers are to build a total of 134 traditional or Signature homes between 2,000-3,000 square feet and 55 maintenance-free, age-targeted cottages or Sterling homes between 1,600-2,000 square feet, Doug Ehens, vice president of Providence Real Estate said at a previous meeting.
The cost to build the traditional homes, a mixture of two-story and ranch-style, would be in the low- to mid-$400,000 range.
The cost to build the age-targeted cottages would be in the mid-to upper-$300,000 range, Ehens said.
In other business, Todd Kleven presented plans for a residential subdivision called Heron Landing to be located at the northwest corner of 117th Avenue and Gibson Street.
Kleven serves as director of land acquisition for Lennar Corp. based in Schaumburg, Illinois.
The subdivision would include some 146 home sites with an average house size approximately 2,500 square feet and average cost in the $500,000 range.
Kleven said Lennar Corp. developed the Aylesworth subdivision, with some 515 homes when completed, and was responsible for being in a partnership with the town when it came to paying for the completed roundabout on 109th Avenue.
In the same way, Kleven said Lennar would help the town when it came to completing the roundabout planned on 117th Avenue.
Kleven said he is hopeful that other developers, south of 117th Avenue, might also contribute to the cost of the roundabout.
'We have no problem taking the lead on the roundabout,' he said.
Kleven said that there would be a way to work around traffic issues while the roundabout is undergoing construction by building a temporary road.
'So we aren't shutting down a major thoroughfare,' he said.
Plan Commission President Jon Derwinski, who also serves on the Winfield Town Council, said he is concerned about the additional traffic the subdivision will bring to the already trafficked roadway.
Planners agreed that a traffic study would be part of future presentations and a traffic engineer would need to provide a report.
'There's a ton of school traffic and you'd have to work around that,' Derwinski said.
Kleven said he plans to return to the Plan Commission next month.
Plans for a yet-to-be-named subdivision at 11500 Randolph St. were presented by Michael Herbers, director of land acquisition and development for Diamond Peak Homes.
The proposed subdivision is located to the west of Jerry Ross Elementary School.
Plans are to build 196 homes in the 2,500 square feet to 3,000 square feet range, priced in the $500,000s, with some at $650,000.
Plan Commission member Tim Clayton, who also serves on the Winfield Town Council, said the elephant in the room is the traffic, especially at the start of the school day and at the end of the school day, since the subdivision would be right across the street from Jerry Ross.
Debbra Gritters, who serves as the Winfield Assistant Town Planner, said that in her mom role, she'd like to see developers have a pedestrian or loading box area for school-age children living in the subdivision.
'I highly recommend getting a hold of school officials. This will definitely affect all Winfield residents and Jerry Ross students,' Clayton said.
Overall feedback from planners was positive.
'You are on the right track,' Derwinski said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
4 hours ago
- USA Today
Nashville sees surge in millionaire renters, report finds
As Nashville grows, so does the number of Music City millionaires. A recent report from RentCafe found Nashville's population of seven-figure earners is on the rise, and a growing number of them are renting their homes instead of owning. In the Nashville metro area, there are 928 households earning $1 million or more annually, according to the study, which analyzed IPUMS data that integrated U.S. Census and American Community Survey microdata.
Yahoo
4 days ago
- Yahoo
Lennar Corp (LEN) Q2 2025 Earnings Call Highlights: Navigating Market Challenges with Strategic ...
Revenue: Not explicitly mentioned in the transcript. Gross Margin: 18%, excluding purchase accounting. Net Margin: 9.2%, excluding purchase accounting. Average Sales Price: $389,000. Sales Incentives: 13.3% of sales. SG&A: 8.8% of revenue. Homes Delivered: Over 20,000 homes. Homes Sold: 22,601 homes. Community Count: 1,617 communities. Financial Services Operating Earnings: $157 million. Cash and Total Liquidity: $1.2 billion in cash and $5.4 billion in total liquidity. Debt to Total Capital: 11%. Book Value Per Share: Approximately $87. Q3 Guidance - Deliveries: 22,000 to 23,000 homes. Q3 Guidance - Average Sales Price: $380,000 to $385,000. Q3 Guidance - Gross Margin: Approximately 18%. Q3 Guidance - SG&A: 8% to 8.2%. Q3 Guidance - EPS: Approximately $2 to $2.20 per share. Warning! GuruFocus has detected 4 Warning Signs with TEN. Release Date: June 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lennar Corp (NYSE:LEN) maintained a strong focus on driving volume and growth, which helped them manage production and sales pace effectively. The company has been successful in reducing construction costs, with a 3.5% year-over-year decrease, reaching the lowest direct construction costs since Q3 of 2021. Lennar Corp (NYSE:LEN) is investing heavily in technology to enhance productivity and efficiency, which is expected to bring significant long-term returns. The company has improved its inventory turn to 1.8 times, a 13% improvement from the previous year, indicating better capital and production efficiencies. Lennar Corp (NYSE:LEN) has a strong balance sheet with $1.2 billion in cash and $5.4 billion in total liquidity, providing financial flexibility for future growth. The housing market remains challenging with higher interest rates and declining consumer confidence impacting demand. Lennar Corp (NYSE:LEN) experienced a reduction in gross margin to 18% due to increased sales incentives and a lower average sales price. The company is facing pressures from higher land and development costs, which are impacting overall profitability. SG&A expenses have increased due to investments in technology and lower revenue leverage, affecting overall margins. The market conditions have led to a softening in sales pace, particularly in markets like Seattle, Portland, and Northern California, where higher home prices and macroeconomic factors are impacting demand. Q: Have you seen any dramatic shifts year-to-date in terms of credit quality or the overall ability for consumers to purchase homes? A: Stuart Miller, Executive Chairman and Co-CEO, noted that the market has softened, with higher interest rates and waning consumer confidence. Bruce Gross, CEO of Lennar Financial Services, added that credit scores have been consistent, but there is a shift towards more government loans, which help with qualification ratios. Student loans have not significantly impacted credit scores yet. Q: Are there any markets where incentives don't affect demand, and you're struggling to achieve a targeted sales pace? A: Stuart Miller stated that market elasticity varies weekly, with some markets showing challenges. Jonathan Jaffe, President and Co-CEO, added that while some markets are more challenging, adjustments are made community-specific, and no market consistently behaves differently. Q: Could you discuss your view on long-term normalized operating margins and any changes in volume expectations? A: Stuart Miller confirmed that Lennar expects to hit the lower end of their previously stated range of 86,000 to 88,000 homes for the year. The focus remains on driving volume and adjusting pricing to meet market affordability, with no specific breaking point identified. Q: What margins and returns are you targeting when putting capital to work today? A: Stuart Miller explained that while working through older land assets, Lennar aims for a 20% gross margin on new acquisitions, with expectations of recalibrating costs. Jonathan Jaffe emphasized the importance of short-term land assets and the potential for improved margins over time. Q: Can you provide more details on the SG&A increase and its drivers? A: Stuart Miller explained that the SG&A increase is due to lower average sales prices, investments in future efficiencies, and increased marketing and selling expenses. The investment in technology and overhead is expected to yield attractive returns in the future. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Yahoo
Lennar Corp (LEN) Q2 2025 Earnings Call Highlights: Navigating Market Challenges with Strategic ...
Revenue: Not explicitly mentioned in the transcript. Gross Margin: 18%, excluding purchase accounting. Net Margin: 9.2%, excluding purchase accounting. Average Sales Price: $389,000. Sales Incentives: 13.3% of sales. SG&A: 8.8% of revenue. Homes Delivered: Over 20,000 homes. Homes Sold: 22,601 homes. Community Count: 1,617 communities. Financial Services Operating Earnings: $157 million. Cash and Total Liquidity: $1.2 billion in cash and $5.4 billion in total liquidity. Debt to Total Capital: 11%. Book Value Per Share: Approximately $87. Q3 Guidance - Deliveries: 22,000 to 23,000 homes. Q3 Guidance - Average Sales Price: $380,000 to $385,000. Q3 Guidance - Gross Margin: Approximately 18%. Q3 Guidance - SG&A: 8% to 8.2%. Q3 Guidance - EPS: Approximately $2 to $2.20 per share. Warning! GuruFocus has detected 4 Warning Signs with TEN. Release Date: June 17, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lennar Corp (NYSE:LEN) maintained a strong focus on driving volume and growth, which helped them manage production and sales pace effectively. The company has been successful in reducing construction costs, with a 3.5% year-over-year decrease, reaching the lowest direct construction costs since Q3 of 2021. Lennar Corp (NYSE:LEN) is investing heavily in technology to enhance productivity and efficiency, which is expected to bring significant long-term returns. The company has improved its inventory turn to 1.8 times, a 13% improvement from the previous year, indicating better capital and production efficiencies. Lennar Corp (NYSE:LEN) has a strong balance sheet with $1.2 billion in cash and $5.4 billion in total liquidity, providing financial flexibility for future growth. The housing market remains challenging with higher interest rates and declining consumer confidence impacting demand. Lennar Corp (NYSE:LEN) experienced a reduction in gross margin to 18% due to increased sales incentives and a lower average sales price. The company is facing pressures from higher land and development costs, which are impacting overall profitability. SG&A expenses have increased due to investments in technology and lower revenue leverage, affecting overall margins. The market conditions have led to a softening in sales pace, particularly in markets like Seattle, Portland, and Northern California, where higher home prices and macroeconomic factors are impacting demand. Q: Have you seen any dramatic shifts year-to-date in terms of credit quality or the overall ability for consumers to purchase homes? A: Stuart Miller, Executive Chairman and Co-CEO, noted that the market has softened, with higher interest rates and waning consumer confidence. Bruce Gross, CEO of Lennar Financial Services, added that credit scores have been consistent, but there is a shift towards more government loans, which help with qualification ratios. Student loans have not significantly impacted credit scores yet. Q: Are there any markets where incentives don't affect demand, and you're struggling to achieve a targeted sales pace? A: Stuart Miller stated that market elasticity varies weekly, with some markets showing challenges. Jonathan Jaffe, President and Co-CEO, added that while some markets are more challenging, adjustments are made community-specific, and no market consistently behaves differently. Q: Could you discuss your view on long-term normalized operating margins and any changes in volume expectations? A: Stuart Miller confirmed that Lennar expects to hit the lower end of their previously stated range of 86,000 to 88,000 homes for the year. The focus remains on driving volume and adjusting pricing to meet market affordability, with no specific breaking point identified. Q: What margins and returns are you targeting when putting capital to work today? A: Stuart Miller explained that while working through older land assets, Lennar aims for a 20% gross margin on new acquisitions, with expectations of recalibrating costs. Jonathan Jaffe emphasized the importance of short-term land assets and the potential for improved margins over time. Q: Can you provide more details on the SG&A increase and its drivers? A: Stuart Miller explained that the SG&A increase is due to lower average sales prices, investments in future efficiencies, and increased marketing and selling expenses. The investment in technology and overhead is expected to yield attractive returns in the future. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
