Newest Reese development gets OK

Thu, 04/10/2008 - 3:40pm
By: John Thompson

Developer Tom Reeseā€™s ambitious plans for a new subdivision in Senoia cleaned a major hurdle Monday night.

The City Council signed off on a development agreement and approved the first read of an annexation request for 268 acres on Ga. Highway 16. Reese plans to build Fieldstone Estates, which will feature 265 lots and leave 142 acres as open space.

Amenities at the development would include tennis facilities, a swimming pool and clubhouse and homes would start in the $300,000 range. The development would also feature homes that would reflect the historical background of the city, Reese said when he first proposed the plan last year.

In the development agreement, Reese pledges to pay the city $30,210 for well-site exploration, along with the installation of sewer collector lines within the proposed development.

One of the more interesting clauses in the agreement concerns the First Baptist Church of Senoia. The city would allow Reese to donate 15 acres of the open space to the church to build a new facility. For over a year, the city has been looking at options for a new city hall and one option was using the existing First Baptist Church as a new city hall, and possibly a police station.

The city also pledges to reserve wastewater treatment capacity for the development for seven years.

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Submitted by eldergent on Thu, 04/10/2008 - 7:50pm.

Tennis facilities, swimming pool and a clubhouse; that sound a lot like Waterlace which just went belly up.

mudcat's picture
Submitted by mudcat on Thu, 04/10/2008 - 6:57pm.

Last year when everyone got all agitated about 3 or 4,000 houses and 10,000 car trips and horrible traffic and the end of life as we know it ---I said that it will take years to do that and it will be in done in small phases. Ahem. That is what is happening.

Even Reese's modest plan this year is questionable, but he and Coweta should try it if for no other reason to see what actually happens. I don't really think we will have builders and buyers lined up to buy what he is building, but when his bank takes over and hires the Rossetti family to manage it - all will be well.

If you want a prediction about the exact date - best I can do is say February 2010 is when the foreclosure notices appear in the local fish-wrapper.


tortugaocho's picture
Submitted by tortugaocho on Thu, 04/10/2008 - 8:10pm.

The Cat may be right....This will be classic oversupply financed by the local banks. Is this the project when Eric and Matt hop on board? It's either this one or one of the many TDK spawned developments that will happen.


Robert W. Morgan's picture
Submitted by Robert W. Morgan on Fri, 04/11/2008 - 5:47am.

Tom Reese has the resources to carry the land over there for a few years, but not forever. That's why he is coming out with what he sees as a small first phase development - to generate just enough revenue to pay his carrying costs for a couple more years. Unfortunately, he won't make it. The recession we are in will last at least 3 years and during that time the devaluation of PTC houses will make it easy for the buyers Reese is aiming for to get a nice well-located house in PTC that used to be $500k, but now can be had for $300.

Plus the builders who have not gone out of business will only be able to take a few lots at a time and the banks are going to insist upon sales before they approve more loans. 50 a year in sales is about all he can expect until the market recovers.

Need proof? Look at Waterlace, Eagle's Landing, Sun City Peachtree, Eagle's Brook, Heron Bay.


Submitted by PTC Avenger on Thu, 04/10/2008 - 5:41pm.

HAH. Good luck with this, idiot.

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