The largest piece of real estate in Liberty Twp. will soon be on the market.
Source: journal-news.com, by Eric Schwartzberg
February 24, 2007
LIBERTY TWP. — The largest piece of real estate in Liberty Twp. will soon be on the market.
Marc Terry said he is working to establish a master plan for 330 acres of land just north of Princeton Road along Ohio 747 before selling the family's land to developers.
"I spent the past 20 years of my life creating an environment there that I love," Terry said. "And I believe our township, our community, needs a very nice development, especially a farm of this size."
A preliminary design of the site divides the property into varying levels of residential use, including empty-nester homes and manor-sized lots. The plan also includes 90 acres of mixed use that would include a yet-to-be-determined combination of retail, residential, office and community facilities.
Terry said he purchased 64 acres of property in 1987. Since then, his family has acquired several surrounding properties, including an adjoining 180-acre farm and a 70-acre farm.
For years, the Terrys grew corn, soybeans and hay on the farm, and raised horses and cattle. But now, his family's desires have changed, he said.
"Three hundred and thirty acres is a lot take care of," Terry said.
Terry said he's spent the past two years working on master planning for the site, gathering input from developers and others, including members of the township's zoning commission.
He anticipates submitting plans to the township next month to start the zoning process.
The project is expected to start in 2008, with residential development of the site lasting about seven years and retail build-out lasting at least 10 years, Terry said.
Immediate plans call for all family members — Terry's mother, his brother's family and his own family – to continue to live on three homes on 25 acres the family will continue to own within the property.
Another brother will continue to live on a Princeton Road property that adjoins the farm, Terry said.
While landowners typically sell off property to developers and remove themselves from the planning process, Terry wants to see the farm transformed into "a unique environment" of retail and housing.
Creating that environment does not mean destroying the natural features of the property, Terry said.
"Our goals are to retain every creek, every tree, as natural as possible," he said.
One aspect he would like to see materialize within the mixed-use portion of the site fronting Ohio 747 is a centrally-located "village square." Such an area, he said, could potentially provide the township with space for an administrative building, post office and library.
"The township is pretty scattered out at this point," Terry said. "We need a home."
Trustee President Christine Matacic said initial design plans adhere to the township's land use plan.
"(The Terrys have) been very sensitive to the community as a whole," she said. "They understand what we're trying to do, they appreciate what we're trying to do and they're working with the township to provide a very nice development that will flow into the surrounding area, as well as meet their needs."
The approximate full market value of the land is more than $5 million, said Michael Tilton, director of real estate for the Butler County Auditor's Office.
But that approved value would increase significantly under Terry's plans for the site.
"Once the property is subdivided into individual lots, the approved value increases because it's now a buildable lot, as opposed to being vacant land on the additional property," he said.
Adding roads, water and sewers and electrical line also improves the value of the property for the individual lots, Tilton said.
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