August 03, 2015
Spring Creek Adds Recreation Area To Aid Marketing Efforts For Lot Sales
By Einat Paz-Frankel
– Memphis Business Journal –
Boyle Investment Co. is constructing a 5-acre common recreation area at Spring Creek Ranch that will be used as a marketing tool for the 1,000-acre residential community.
A swimming pool and two tennis courts are being constructed with a $750,000 investment at Spring Creek Ranch, located in Collierville Reserve on the Jack Nicklaus golf course, says Gary Thompson, vice president at Boyle.
The common area was part of the original master plan, but Boyle has decided to speed up construction this summer — the pool is expected to open July 15 — to help the developer sell lots in the second phase of Spring Creek, he says.
"We’re trying to make ourselves stand out in this market," Thompson says.
The sluggish housing market has caused lot sales at Spring Creek Ranch — Boyle’s largest ongoing residential development — to slow down. So far, 96 of the 106 lots in the first phase have been sold to individuals and homebuilders.
There will be 52 lots in the second phase, which will be delivered later than previously planned, in early 2009. When completed, the subdivision will include 400-500 homes, which range in price from the upper $400,000s to $2.75 million, he says.
Thompson says he expected 2008 to be a flat year.
"When we switch presidents people want to see what their policies will be, so they wait and see," he says. "We (at Boyle) are taking the time to distinguish ourselves."
An old silo near the recreation area gives it a vintage look. It will bear marketing signage for Spring Creek Ranch, Thompson says. The pool and tennis courts are expected to catch the attention of visitors to this tranquil area of Shelby County.
"Advertising goes away, this is something that will be here forever," Thompson says about the new amenities.
Broker Judy McLellan of Crye-Leike, Realtors, says the new amenities give added value to the subdivision.
"It’s a draw for people, especially people relocating from out of town," says McLellan, who is presently listing three homes at Spring Creek Ranch.
People relocating from Atlanta, for example, are accustomed to these amenities, which they view as "very desirable," she says.
In addition, common areas will cause real estate to appreciate in the long run, McLellan says.
Crye-Leike’s Robert Gorman, who markets upper-end homes in the Memphis area, says amenities such as a swimming pool and tennis courts are unusual for single-home residential communities and are available at a handful of high-end subdivisions, such as Halle Plantation.
Thompson says the swimming pool at Spring Creek Ranch is one of the largest in the area and the largest Boyle has ever built, with four 25-meter lap lanes and 110,000 gallons of water.
Included in the monthly association fee, the fenced-in recreation area will exclusively serve families living in the subdivision. Property manager Joyce Millard of Keith S. Collins Co. LLC says that even though a few Spring Creek Ranch residents have their own pools, others wish to enjoy the maintenance-free common swimming pool they don’t have to drive to.
Boyle has been a prominent developer in Collierville and its vicinity. Most recently, it launched an $18 million gated community called Avilla in Eads, which will comprise 15 lots.