Fayetteville developer Bart Bauer closed a real estate deal late in 2016 that will keep him busy for most of 2017.
Bauer, through his The Meadows at Woods Creek Inc. entity, paid Saddle Lake Investments Inc. $700,000 for 82.5 wooded acres along Little Flock Drive. Approximately 67 of the acres were detached from the city of Bentonville and annexed into Little Flock in October.
First National Bank of Paragould provided financing with a three-year mortgage of $1.57 million.
Bauer said he’s developing the land into a “high-end” residential neighborhood called Copper Ridge, with custom homes starting at approximately $550,000. The neighborhood will have 38 lots ranging in size from 1 to 5 acres and each will sell from $80,000 to $170,000. It will also include a nature park, Bauer said.
“We’re almost ready to start development,” Bauer told the Business Journal. “We’ll have it developed by this summer.” He said most of the lots have already been spoken for by a homebuilders group that includes Tall Oaks Construction, Seay Construction and Homes by Jonathan.
Saddle Lake, led by Larry Garrett, owned the land for nearly two decades, acquiring the four parcels in March 1997 for $280,000.