by Mary Loden
South Shore Properties LLC broke ground July 10 on a 7.34 acre subdivision, formerly 2605 S. Shore Drive, for the development of 15 single-family homes and eight twin homes, for a total of 31 new residences. They are requesting a $400,000 development agreement from the City of Clear Lake. Plans for the development were approved by the Clear Lake City Council in September 2022.
South Shore Properties said the total capital investment to purchase the land and develop it into sellable lots is $2,312,330 and they will primarily be funding the project with equity and local bank financing. They are requesting $400,000 from the City to help cover the costs of underground infrastructure.
The City has been requested to pay for the infrastructure materials upfront for a cost to suppliers of $246,219. The remaining $153,781 would be paid out at the commencement of street paving of the development.
South Shore Properties will partner with local contractors as much as possible and say they will start construction immediately on four twin homes, which they plan to sell at $395,000 per unit. They are also willing to sell developed lots to local construction contractors on which to build speculative or custom homes.
“We believe this housing project will be a tremendous addition to Clear Lake and will provide much needed housing at a price point that is very attractive to working families,” said Brian Ridge, of South Shore Properties LLC, in a letter submitted to Flory and the City Council. “When the entire subdivision is finished, we estimate that the taxable value of the 31 new homes will exceed $10 million.”
