Hot property: Greystone 1st Addition

  • Article by: DON JACOBSON , Special to the Star Tribune
  • Updated: June 1, 2012 - 8:16 AM
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Greystone 1st Addition East of Akron Avenue, 1/2 mile north of County Road 42, Rosemount

Type: Single-family homes Site: 11.7 acres Lots: 23 Developer: Ryland Group Inc.

Details: National homebuilder Ryland Homes has gained the necessary approvals to begin construction of 23 single-family homes in a Rosemount development known as Greystone. 

It's scheduled to be the first phase of a new community north of County Road 42 that's ultimately planned for 54 homes on 24 acres, and demonstrates Rosemount's continuing attractiveness to homebuilders for modestly priced new housing in a slowly improving south metro market. 

California-based Ryland, which ranked fourth among homebuilders active in the Twin Cities last year with $54 million in sales activity, has submitted plans for the Rosemount development that call for five split-level home designs ranging in size from 1,309 to 2,094 square feet, with prices between $240,000 and $280,000. 

City planners say Ryland also has submitted a build-out plan for an additional 70 lots north of the site, which, if ultimately developed, would include a 4.5-acre park.

In its marketing materials for Greystone, Ryland cites as an amenity the coming of a new city park nearby -- a 27.5-acre section of the University of Minnesota's UMore Park purchased by the city last year for $1. The parcel, which is next to Dakota County Technical College, will see the opening of new baseball and softball fields this year.

Rosemount city officials cite the Greystone project as evidence that homebuilding momentum is picking up in the Dakota County suburb.

Other national homebuilders also are active there this spring. D.R. Horton, the country's largest homebuilder, has begun work on 29 lots nearby on Akron Avenue, while Lennar Homes has submitted plans for 27 homes in the city. Those first-phase numbers could turn into 245 homes if the developments are fully built out, officials say.

Don Jacobson is a freelance writer based in St. Paul. He can be contacted at hotproperty.startribune@gmail.com.

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