lj 10/5 cates Construction begins on Meadow Creek subdivision By LAURIE JOHNSON The Daily News Groundwork has begun on the first phase of Meadow Creek, a new subdivision designed to attract the move-up market located on the east side of Germantown Parkway in Cordova. The 45-acre subdivision, which is being developed in three phases by a partnership composed of Kevin Hyneman, Christopher R. Folk and Jeffrey Bronze, will be divided into 147 lots ranging in size from 8,000 square feet to 10,000 square feet. For land development purposes, the partnership financed $3.1 million with First Tennessee Bank, according to a trust deed filed recently in the Shelby County Registers Office. "The property is located in the heart of Cordova and is a convenient half-mile from Germantown Parkway, which has all the commercial support for residential living," Folk said. "Its proximity to Germantown Parkway has created a strong response from builders interested in purchasing lots." The first two phases of Meadow Creek, which have 99 lots, will be developed simultaneously, Hyneman said. Lots in the first phase are expected to be ready for sale to builders in September, and lots in the second phase will be on the market in December. Lot prices will start at $33,900. Hyneman said he expects homes built in Meadow Creek will range in price from $135,000 to $175,000 making it a good "move-up market" development. "This was really one of the last pieces of land available for this type of project in the Germantown Parkway area," he said. "There has been a pent-up demand from builders who build in that area, so we will be marketing to builders that build in this price range." The subdivision will take up the majority of a 61-acre tract the partnership purchased from Christ United Methodist Church in March for $1.25 million. The property originally was donated to the church. "We are seeking an office rezoning for about 10 acres along the east side of Cordova Road," Hyneman said. Development of Meadow Creek also will involve extending Cordova Road about 2,500 feet east to tie into Macon Road. Residential building in Cordova has gotten off to a slow start in 1997. Record amounts of rainfall, however, ground virtually all outdoor construction to a halt during the first couple of months of the year. For January and February 1996, a total of 242 single family residential permits were issued, with an average construction value of $126,789. For the same period in 1997, 99 permits were issued, with an average construction value of $101,434. "We still see Cordova as a popular area for development," said Mary Baker, deputy control for Land Use Control Board. "Were still getting applications for developments in Cordova covering the full spectrum of lot sizes, densities and costs. We arent noticing any drop off in demand from developers." Two residential developments will be considered for approval during the next meeting of the Land Use Control Board, Baker said. They include Grove Manor, a 5-acre townhouse subdivision consisting of 32 lots planned for the intersection of Berryhill Road and Grove Road and Woods of Wolfchase, an 18-acre subdivision divided into 71 lots planned for the northwest corner of I-40 and Kate Bond Road.