MCLENNAN COUNTY, Texas — Developer Larry Jackson plans to build 63 affordable homes in East Waco starting at $250,000, using smaller lot sizes to combat rising material costs and create entry-level housing options.
- Hilltop Heights, a new one- and two-story housing development, is planned near Buena Vista Park in East Waco.
- Smaller lot sizes will help keep homes affordable for first-time buyers amid rising material costs.
- The project aims to revitalize an isolated area and make better use of Buena Vista Park, pending city approval this summer.
BROADCAST TRANSCRIPT:
A new housing development could soon bring 63 affordable homes to East Waco near Buena Vista Park, aiming to provide entry-level housing options in an area that developer Larry Jackson describes as "a little isolated."
"With these new homes coming in here, it will also help sustain this area of town, because it's a little bit isolated," Jackson said.
The proposed development, called Hilltop Heights, would feature one and two-story homes targeted at first-time homebuyers.
"Those are the hardworking men and women that are here every day that go to work five, six, and seven days a week, trying to make a living and want to be able to purchase a home to raise their families," Jackson said.
Jackson explained that rising material costs have significantly increased entry-level home prices in recent years. A few years ago, first-time buyers could expect to pay $140,000 to $150,000, but that price point has climbed substantially.
"So that's motivated us to say okay, what can we do within our control to continue making it affordable for people to buy that first-time home or that entry-level house, so that everyone can actually own their own home," Jackson said.
To keep prices affordable, Jackson's development plan includes smaller lot sizes, which reduces land costs. Homes in the new development are expected to start around $250,000.
The developer also noted that the new homes would help maintain property values in the surrounding area while better utilizing nearby Buena Vista Park.
"Which is a very nice park that is underutilized…with the ball field here and the park there, we'll build a sidewall down there to tie it in so we can tie it all in together," Jackson said.
Jackson has completed similar projects in Waco and Woodway with strong demand – one development sold out all available homes within 30 days.
The East Waco project still requires approval from the city council and the planning and zoning commission. Those votes are scheduled to take place during upcoming city council meetings this summer.
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