The City of Excelsior Springs recently announced the sale of 22 lots in the Golf Hill Estates Subdivision to Paradise Development LLC for $660,000. The new residential development, to be named The Villas at Golf Hill, is situated adjacent to the Excelsior Springs Golf Course. According to city officials, this transaction is part of a broader vision initiated in 2017 for residential expansion and economic growth in the area, which included a new Golf Course Clubhouse and course improvements.
Mayor Mark Spohn expressed satisfaction with the progress, stating that years of dedication are finally taking shape and enriching both the neighborhoods and recreational spaces in Excelsior Springs. Councilwoman Sonya Morgan echoed these sentiments, adding that the sale represents a long-term goal for the improvement of the city.
“We are pleased to be embarking on the journey of developing the Villas at Golf Hill in the City of Excelsior Springs,” said Neil Richardson, one of the developers behind the project. “The vision for this community aligns perfectly with our commitment to crafting exceptional living spaces. Construction is set to start soon, and we eagerly anticipate bringing this vision to life for this community.”
Additionally, the new development is expected to boost the city’s tourism sector, as the Excelsior Springs Golf Course is one of the premier golf courses in the region. Councilman Gary Renne commented that after the construction of a new clubhouse, which elevated the golf course to a 4-star rating, the Villas at Golf Hill would be the next significant development.
As for the financing of the project, a Tax Increment Financing (TIF) has been implemented. Molly McGovern, the City Manager, clarified that TIF would capture taxes generated from new property improvements until the year 2040. She also mentioned that the TIF and other revenue sources are expected to be sufficient to cover the costs of the clubhouse and subdivision.
The original lot price, set in partnership with the Capital Improvements Board, was $30,000. While the debt owed on the development project stands at $1,195,000, McGovern indicated that it would be paid off by 2038. She also pointed out that an advance payment utilizing proceeds from the sale of the lots could accelerate the payoff to as early as 2033.
Price ranges for the new homes in the development are estimated to be approximately $400,000, depending on construction costs. Seven additional lots in the Golf Hill Estates Subdivision remain for sale, and city officials hope that the new development will encourage the sale of these remaining lots.
The sale of these 22 lots to Paradise Development LLC is a significant step in the City of Excelsior Springs’ long-term vision for residential and economic growth. With strategic financing in place and construction set to begin soon, both city officials and developers are optimistic about the project’s impact on the community.