CHESTERFIELD COUNTY, Va. — An effort to revive a 30-acre 55-and-up residential development in Chester hit a milestone over the weekend. More than a year after purchasing the stalled Magnolia Lakes community, locally based Cornerstone Homes opened models of some of the units it is adding to the neighborhood along Iron Bridge Road. Three of the five floorplans offered in the Villas at Magnolia Lakes are on display inside the models. The company has 24 houses currently under construction and another 12 lots going through the permitting process. Of those, 24 have been presold.
Cornerstone will eventually build 106 homes in the neighborhood. They’ll add to 28 homes and a clubhouse that were built by a previous developer, Tascon Group. When development stalled in the wake of the recession, the property fell into foreclosure, and Cornerstone purchased it early last year for $1 million.
Cornerstone owner Roger Glover has built similar 55-and-up communities and said his role at Villas at Magnolia Lakes has been to bring the development back to life. He credited the previous builder, Steven Settlage, now president of Eagle Construction of VA, for creating the project’s vision.
To read more about the plans at the Villas at Magnolia Lakes, click here.
