There’s a new project underway just north of the Wal-Mart at the northwest corner of 53rd and Meridian, and it’s a family affair.
“They are putting in duplexes,” says Bree Maybee.
The “they” is her father, Jay Russell, who is the developer, and her brother Jayson, who is the builder. Maybee, who is with J.P. Weigand & Sons, is the broker.
Jay Russell has some partners in the deal but is going to buy them out.
He plans 21 three-bedroom, two-bath duplexes. Each will have a two-car garage. There are no basements.
“We feel like there’s a demand over there in that area,” Maybee says.
Russell and some partners sold Wal-Mart part of the ground for its store.
“The other typical stuff that follows a Wal-Mart hasn’t materialized,” he says. “Of course, we went through the depression.”
Russell says he’s not concerned.
“We’re just waiting for it to mature, which is what happens to most commercial corners,” he says. “You’ve got to do the residential first. … The need is developed for the commercial.”
He has 80 acres to the west of the store that are available to develop.
Russell’s Watermark neighborhood is to the north of where the duplexes will go. Watermark’s first phase of 40 lots started in 2007. Russell says he’s getting ready to start another phase.
Dirt work is happening now on the duplexes, and construction should start in September.
“It’s coming up pretty quickly,” Maybee says.
This makes Russell’s fourth duplex complex in some phase of development.
He has another one at the southeast corner of 37th and Tyler, where 24 units have been done for a year and a half and a third phase is starting soon with another dozen units.
Another complex is at the northwest corner at K-254 and 45th Street. The first phase is complete with 44 units, all of which are occupied. The next phase is at 4800 N. Hillside and will have 48 units. Construction will start in the next couple of weeks.
There’s also a complex under construction at the southwest corner of 63rd Street and Clifton. The first phase of 34 units is about 80 percent complete, and streets went in for the next phase of 19 units a couple of weeks ago.
“I want to get them all finished by middle September,” Jayson Russell says.
He says the units are proving popular with investors, who buy them and then lease them to others.
“People gobble them up.”
Jayson Russell says the complexes have homeowners’ associations with regulations “to keep it as a nice as possible.”
“It’ll be like a little patio home development almost.”
For now, Jay Russell says he plans only 21 units by Wal-Mart.
“There’s no intention to do any more at this time, but there’s a lot of ground up there.”