It’s only been a few weeks since ground was officially broken for the new Glen at Seven Stones condominium development, but Sussex officials are already exuding excitement for what the development will mean for the village when it opens next spring.
“It’s going really well,” said Village Administrator Jeremy Smith. “We’re right at the stage where we’re about ready to put the curb and gutter in and pave the roads. The utilities are in and we’ll soon be ready for the developer to start putting in the condos.”
In fact, four of the new ranch-style homes have already been sold, according to the developer, Cornerstone Development of Southeastern Wisconsin. That’s despite a generally difficult housing market and with the chill of winter already on our doorstep.
“The project is launched and we feel good about it,” said John Wahlen of Cornerstone Development. ”We’re moving dirt but really have nothing to show potential buyers. They have to come to the Glen of Brookfield to see them.
“Infrastructure is going in, and the start of the road is even being created," Wahlen continued. "We have retaining walls in, the ponds have been created and the land is being shaped to more closely represent the way it’s going to be finished... We hope to have the infrastructure completed and start to go vertical on our clubhouse in about a month.”
Seven Stones is located just south of Lisbon Road at Highway 164. A drive through an environmental corridor will lead to the condos on the top of the hill. The new neighborhood will feature 56 ranch-style homes along with a clubhouse, pool, deck and an open air amphitheatre. The units will range in cost from about $250,000 to $350,000 and in size from 1,400 square feet to 1,800 square feet.
Interest Vs. Actual Buyers
The development has already attracted plenty of attention, and many people have been calling the Sussex Village Hall to learn more details about it.
“We have had a lot of interest coming in, asking questions and we’ve been happy to refer them to Cornerstone Development,” said Smith. “Just from the number of calls that we’ve gotten, the mood is good and they’re upbeat and I believe Cornerstone will soon be filing their first permits for condos in the first two buildings.”
Conventional wisdom says that these condos will be a tough sell in this market, especially at this time of the year. But Wahlen sees things in just the opposite manner for two main reasons.
“Number one, the timing works well for people to sell their place,” said Wahlen. “They can get it on the market and come out in the spring. It gives them time to plan and create the new home that they want with the finishes that they want.
“Number two, people have already seen what we’re doing in Brookfield. Perhaps they don’t want to live in Brookfield and have their reasons for wanting to live in Lake Country. They like that location and want their first choice of their spot in the community.”
Above all, Wahlen sees the ranch-style condos as a lifestyle choice that is still very much in demand.
“Our customers want to get rid of the maintenance factor and get into low maintenance living,” Wahlen explained. “They won’t have to worry about getting out their shovels and snow blowers. They won’t have to worry about raking the leaves. It’s a lifestyle, a chance to buy something new in a new neighborhood where they can meet new neighbors and enjoy the low maintenance lifestyle.”
A Parnership With the Village
Seeing the potential upside for Sussex, village officials structured a mutually beneficial arrangement with the developer, granting a special assessment to make it all possible.
“The Village of Sussex has been great,” said Wahlen. “The way this deal is structured, the developers that purchased the land actually got a special assessment from the Village of Sussex including the infrastructure. They are shaping the land. We are in partnership with them to then buy the building pads to create the clubhouse and our homes. The Village of Sussex will be repaid as the homes sell. They now see what we expressed to them for many years in putting this together.”
“This product has been selling in Menomonee Falls and Brookfield right through this economy,” added Smith. “So there’s a track record of success given the conditions and real estate is location, location, location. There’s certainly a need in this community for a product that Cornerstone is developing. It’s a win-win, and we hope that it will be successful throughout this process and might be a tool that we can use in the future as necessary given the limitations in the banking industry right now.”
For more information, visit Cornerstone Development's website.