Tri-Cities developer Mitch Cox Companies broke ground last month on Boone Ridge Townhomes, an 18.8-acre, 253-unit residential project that will be the company’s largest to-date.
The $20 million neighborhood is being built on vacant farmland at the end of Boone Ridge Drive, behind the Bob Evans Restaurant and along Sampson-Wood Lake.
According to information released by the company Thursday, the first 95 units are expected to be finished in the late spring.
Two other phases, 111 units and a community area followed by 57 more units, are expected to be finished within four years.
Mitch Cox, founder and CEO of Mitch Cox Companies, said he purchased 11 acres of the land being used for the development in 2003, and has been holding on to them until market conditions were favorable.
“It’s finally time,” Cox said in a press release. “We felt that the time was right because of three factors: the general upswing in the market, the strategic location and the fact that over the past four years we have built 250 apartments — all of which have seen remarkable demand.”
Cox partnered with Universal Development Company President Shane Abraham in the project.
Mitch Cox Construction will develop the properties, and UDC will manage and lease the townhomes once completed, Cox said.
Since 2008, the two companies have worked together to build the Pickens Bridge Village and Cherry Grove in Piney Flats and Stonecrest Townhomes and Villas at Town Acres in Johnson City.
The condos at Boone Ridge will look similar to those at the Villas at Town Acres on Peoples Street in Johnson City, and will feature laminate wood flooring, stainless steel appliances, carpet and maple cabinets.
According to the company’s layout plan, there will be 80 one-bedroom, 161 two-bedroom and 12 three-bedroom townhomes in the complex.
Most units will have a drive-under garage, and the community area will include a pool, a clubhouse, tanning beds, a coin laundromat and a covered pavilion.
The company estimated rents from $595 per month for a one-bedroom unit without a garage to $1,195 for a three-bedroom with a garage.
Mitch Cox Companies Business Development Director David Schools said Johnson City has already approved the grading plan from the company, and the completed site plans should soon be given the go-ahead.
In the past few years, retail businesses and residential developments have targeted the Boones Creek community as Johnson City has begun a slow, but steady annexation of the valuable land.
“As this area begins to develop economically, Mitch Cox and I want to position ourselves to be the leading providers of housing when the boom hits,” UDC’s Abraham stated.