With work continuing on the Old Mill Townhomes development in Calhoun and the Etowah Bend subdivision in Euharlee, McWhorter Capital Partners CEO Josh McWhorter has announced plans for yet another real estate investment — this one, a proposed 72-acre residential development in Taylorsville.
According to documents submitted to the Bartow County Community Development Department, McWhorter seeks to rezone about 15 lots off Old Alabama Road from A-1 agricultural to RE-1 residential. Per those filings, McWhorter intends to keep five additional lots at the site zoned as A-1 property.
However, McWhorter said the number of lots may vary as the project goes through its approval processes.
"We did have to make some changes due to a couple of different factors when we were going through and meeting with all the different committees," he said. "Again, we're going with a little bit more land ... these are going to be three to four acre lots out there just for people who are wanting a little more space."
While McWhorter could confirm at least one group — McWhorter Goss General Contractors — would be involved in the project as a developer, he said it's a bit too early to name any other potential business partners.
"We have not reached out or even priced too much yet, just simply because we wanted to get plans approved and we wanted to follow the proper steps," he said. "But we've got some rough ideas of what things should cost based on the developments we're currently doing and Ron Goss' past experience in the decades he's been in general contracting."
McWhorter said he expects homes in the subdivision to be priced at or below $300,000.
"This development really wouldn't take that long," he said. "We're actually looking at possibly building spec homes up there ourselves. We have had a couple of people that are aware of what we're doing out there and they've shown some interest about buying lots and us just building homes for them."
Still, he said there's no specific timeline in mind for when the Taylorsville project could begin and when it could be completed. That, McWhorter said, hinges on how quickly they can wrap up work on their other two big real estate projects.
"Once those get going, we'll move our attention over there," he said. "We're probably looking at two to three months before dirt is actually being moved. But again, a lot of that is our subcontractors, how available they are to get the work that needs to be done ... you never know what kind of weather you're going to have when you're moving dirt and you have to have certain conditions in order to do everything that needs to be done."
Over the last 18 months, McWhorter said he's observed the demand for more upscale rural housing increase throughout the local community.
"For Bartow County, it's an inventory equation to me," he said. "We see it as just a gap we're filling ... it seems like people either want to be downtown or they want to be further out with a little bit more space on their own — they like the perks of the neighborhood, but still want to have the freedom and the flexibility of having their own land."
The Bartow County Planning Commission will review the rezoning proposal at a public meeting scheduled for 6 p.m. at the Frank Moore Administration and Judicial Center at 135 W. Cherokee Ave. on Sept. 10. Bartow County Commissioner Steve Taylor will vote to approve or deny the application at a subsequent meeting at the same venue on Sept. 19 at 10 a.m.
While McWhorter said he has "a lot of plans" for future residential developments, he also said that only time well tell if — or how soon — those projects come to fruition.
"Obviously, capital is a big thing, making sure that we can fund builds that we do," he said. "More important than that is making sure there's a market for the things we're trying to develop — are there buyers out there that want what we're developing? We take all of that and many other factors into consideration in terms of moving forward with a project."