Springdale real estate developer Philip Taldo had bad timing with his first foray in the Tuscany subdivision on Har-Ber Avenue in west Springdale.
He and partner Gary Griffin survived that bit of luck — marketing 164 upscale residential lots just as the housing market was spiraling into crash position. Now, eight years later, Taldo is finishing up Tuscany’s first phase and getting things prepared for the third phase.
(Neither Taldo nor Whispers has forgotten how to count. Taldo sold the 41 lots planned for Phase 2 to Tim Graham.)
Phase 1 of Tuscany was 164 lots that, despite the recession and housing crash, have been reduced to 15 available lots and a handful of built houses on the market. The rest have been sold — in the neighborhood of $250,000-$400,000, Taldo said.
Tuscany 3 will be much of the same type of development, on 80 lots.
Taldo said he has turned in the development plans to the city of Springdale and he hopes to start work this summer. He said he and Griffin have already received inquiries about lot sales at the site.
“I’m pretty confident,” Taldo said. “We’re been selling everything we’ve built. We can build 20 houses a year.”
Taldo and Griffin own the property through their One Springdale Inc. and are handling the construction through their Partners Construction. The two are also partners in The Griffin Co. Realtors, which handles the marketing for the properties.
“There is a lot of demand there,” Taldo said of the west Springdale area surrounding Har-Ber High School. “It’s just a convenience factor. It’s easy to get to Bentonville or Fayetteville. It’s close to schools.”
Taldo doesn’t think the market is overheated like it was before the crash. He and Griffin had just started on Tuscany and sold the first 25 lots when the floor gave way.
“We thought we’d be out in three years; we’ve been there eight years,” Taldo said. “We have about 15 left and we’ll wipe those out in a year. We just had to suck it up and pay the interest.”