Land Slated for at Least 68 New Homes Changes Hands

A 13-acre property off of Regency Lane and Osterman Road slated for the construction of between 68 and 72 single-family homes has been sold.

The so-called Whisler Ranch land will change ownership from Trumark Homes to KB Homes. The sale price hasn't been announced but is, according to Trumark, about three times as large as the amount of money Trumark paid for it in 2008, before approval had been secured to build homes on the land.

The planned housing development for the area is "shovel-ready" and could move forward under KB's care, said James O'Malley, Trumark executive vice president.

"The good thing with the city, as far as the project, is it's a very well-qualified, experienced, capitalized company that bought it," O'Malley said. "It's my understanding that they're going to break ground right away."

Planning manager Cheryl Kuta said the development agreement approved for the property by the City Council, which entitles the landowner to build houses, will transfer to KB Homes.

"It's not terribly uncommon for people to entitle land and then sell it, because it raises the value for them most of the time," Kuta said. "All indications are [KB Homes] are going to build those homes as approved."

A representative for KB Homes did not return a call asking for an interview.