Olympus Construction of Jonesboro on Wednesday broke ground on Riverback Estates, a $30 million housing development project in Osceola.
Tony Pardew, president and owner of Olympus, said the average home in the Riverback Estates development will cost around $300,000 and help address a need for housing as the region grows.
Riverback Estates will be made up of 100 homes. The project is slated to be completed in 2024 and is a part of the Mississippi County Work Here Live Here credit program, an initiative from the Mississippi County Economic Development Commission that pays 10% of the purchase price of any new home bought by eligible local employees working in the manufacturing sector.
Under the credit program, buyers can save up to $50,000 on the new homes.
"As Mississippi County continues to take on new industries and further develop its skilled workforce, affordable, safe communities are vital," Sue Emry, executive vice president of Envirotech Vehicles, said in a news release. “We are proud of the dedication and collaboration we have seen throughout the community for supporting infrastructure and economic growth, further showcasing that great things are coming to the region."
Envirotech is one of several companies that have relocated to the region this year or launched expansion projects, such as U.S. Steel's new $3 billion mill, that are expected to attract new workers to Mississippi County.