A development in Woodbury that was lost by the developer to foreclosure and eventually went into tax forfeiture now seems to be gaining steam.
Community Development Director Dwight Picha at a recent Woodbury City Council meeting said there are purchase agreements in place for 20 of the 29 lots.
In March the Highland Knoll subdivision went up for auction, and it was later purchased by Ryland Homes:
The matter came up as part of the council’s workshop on the 2013 budget on Wednesday, Aug. 22.
Ryland Homes purchased the parcel in April for about $1.5 million.
“This is a positive step forward for the development and for the surrounding residents,” Associate Planner Eric Searles said in an April statement when the purchase was announced. “Most importantly, the transaction means the city will be fully reimbursed for all public dollars invested for the necessary utilities and streets.”
The property is generally located north of Oak View Drive, west of Cottage Grove Drive and south of the Eagle Valley Development.
Councilman Paul Rebholz said the progress at the site wasn’t a surprise, considering the low interest rates.