In Lake City, Magnolia Estates Capitalizes on Jonesboro Growth
A mixed-used development coming to Lake City next year aims to answer high demand for housing in northeast Arkansas. Magnolia…
A mixed-used development coming to Lake City next year aims to answer high demand for housing in northeast Arkansas.
Magnolia Estates will offer 200 new craftsman-style homes along with a park, playground, running trails and community garden along Highway 18E. The site, which sits on 100 acres of agricultural land, is about eight miles from the Jonesboro Industrial Park.
Jerry Cobb, managing partner of the Cobb Family Partnership, said the development has seen a tremendous amount of interest because of the area’s high demand for housing. The small Craighead County city —population 2,400 — has seen steady growth in recent years due to its proximity to Jonesboro.
“We want this to be a community within a community,” Cobb said. “Buyers have had few choices in the past due to limited availability of pre-existing housing. This development gives them several new options.”
The three-phase project will include homes varying from 800-3,000 SF, recreational amenities and commercial business space. The Cobb family plans to break ground on the first 40 lots, which could potentially produce 44 homes, as early as November.
Local builder Brian Ford Construction of Bono will oversee the project. Lots purchased before construction may be customized. Completed homes in Magnolia Estates will enter the market between an estimated $100 and $110 per SF. Current home sales average $87 per SF at a closing price of $96,000.
Phase two of the development will include the Cottages at Magnolia Estates, offering a smaller footprint for individuals “on the go,” according to the project’s Facebook page. The proposed 800-SF floor plan includes two bedrooms and one-and-a-half baths along with amenities such as lawn care services provided through the development’s homeowner association.
While there are currently no zoning requirements for minimum home size in Lake City, the Cobb family has asked for a variance from the planning and zoning committee that would decrease the current 9,000-SF lot minimum to 5,000 SF for the cottages.
The final phase of the project will focus on completing the running trails, garden, dog park, playground and pavilion. Once finished, Magnolia Estates will employ at least one full-time employee for grounds maintenance along with a few part-time positions.
The third phase will also see the development of 12 acres with highway frontage that has been zoned as commercial property. Cobb said that he looked forward to new restaurants and well as retail businesses occupying the space.
“Lake City is my hometown,” Cobb said. “My family has lived here for three generations, and we wanted to do something that reflected our commitment to the community. We’re excited about the growth and want to build a place that people look forward to coming home to.”
Source: Arkansas Business In Lake City, Magnolia Estates Capitalizes on Jonesboro Growth