The agreement sets up assurances to the city that infrastructure related to the fourth and final phase of the housing construction project will be completed. That work relates mostly to roadways, utilities and other infrastructure needed for the final phase of the development that will create 40 lots on which homes will be built on.
The development has been a multi-phase and multi-year project with work on the fourth and final phase expected to start in spring and end this fall.
By the end, there will be 226 lots available for new home construction. Housing has already been built in the development during the project and people have moved in.
Homes are built on newly created lots once they are purchased by homebuyers. Model homes were the first to be constructed at the development, which saw site work begin in 2019. Home sales for the development began in early 2020.
The developer for the project is DDC Management, and the builder is Ryan Homes, which is also responsible for home sales.
As of December, 115 lots at Bridgewater have been selected by homebuyers, said Ryan Reed, the program director for DDC. That includes homes that have been built since the start of the project as well as empty lots that will have homes built on them soon.
The average sale price for homes at Bridgewater is about $241,000 Reed added.
Springfield has been in need of new housing for sometime and is a major priority for officials who say the community suffers from ageing housing stock. The area has seen an uptick in demand for new housing as new companies have invested in the city and created new jobs over the past five years.
“We have a need for all types of housing. It is important that we have those housing options in town,” Tom Franzen, the Assistant City Manager and Director of Economic Development for the City of Springfield, previously told this news organization.
He added that new housing can keep residents from leaving the city as well as be used to attract new people.
Prior to the start of construction at Bridgewater, there had not been a significant housing development built in Springfield since the early 1990s.
The success of Bridgewater has prompted DDC to consider creating another new housing development in Springfield that would create 258 homes on East Leffel Lane and South Burnett Road.
Work on the development, which will be called Sycamore Ridge, is slated to start this year and will be a multi-phased and multi-year project that is slated to wrap up in 2026.
A builder for that project has not been announced yet.
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