LORENA, McLENNAN COUNTY – Loera Homebuilders has announced it will develop a $130 million subdivision that the City of Lorena has pledged to annex.
The developer will build about 260 homes on half-acre lots near Birdie Ln. and Rosenthal Pkwy., which will carry prices starting at $500,000.
Construction should begin in spring 2018, and the subdivision will build out in the next ten years.
Lorena will spend an estimated $1 million on infrastructure improvements that will extend water and sewer lines to the property.
The subdivision will lie in a Tax Increment Reinvestment Zone, meaning a portion of taxes on the homes will go toward paying the bonds Lorena will issue to fund the infrastructure upgrades.
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