The Regional Cities Initiative will fund 4 percent of a large, high-end housing project near Victoria National Golf Course in Warrick County.
The Indiana Economic Development Corp. approved $2 million of Regional Cities funding to support a “quality of place” project that will increase housing options in Warrick County.
The project will add 550 homes sprawled over 405 acres.
“It’s a great project,” said Greg Wathen, Economic Development Coalition of Southwest Indiana CEO and president. “A lot of people are going to be thinking, this is just another subdivision. This is not a subdivision. This is a master-plan community.”
The Victoria National project was planned as a conference center for Victoria National Golf Club.
“Sometimes there are some modifications,” Wathen said. “This is slightly different, but it’s much larger than we originally thought and it’s a much broader concept.”
He said the project is examined after it’s submitted to make sure that the modifications achieve the goals and objectives laid out in the Southwest Indiana Regional Cities proposal. A conference center could happen down the road, but the developer wanted to invest more in the housing and amenities.
The project’s total investment will be $54.64 million, and the houses will incorporate a variety of architectural styles of a diverse mix of price points, the news release states. The project isn’t like anything in Southwest Indiana, Wathen said. He compared the community to Norton Commons, which is east of Louisville, Kentucky, or Village of WestClay in Carmel, Indiana.
Norton Commons is a mixed-use project laid out like a small village. Its website lists available homes that range in price from $315,000 to $1.2 million.
“With a growing region like Indiana’s Great Southwest, planned communities such as the Lifestyle Development at Victoria are needed to attract the future millennial workforce while helping to build a national brand,” said Beth McFadin Higgins, president of the Southwest Indiana Regional Development Authority.
“It’s going to be different,” Wathen said. “It’s going to be a walkable, high-amenity community with multiple neighborhoods within it.”
The housing development will break ground in early 2017, according to the news release, with residents excepted to move in by early 2018.
Southwest Indiana was one of the three Indiana regions selected to receive state funding through Regional Cities. Southwest Indiana will receive $42 million, which will go toward 10 projects in Vanderburgh, Warrick, Posey and Gibson counties.
“Southwest Indiana is investing in its residents and future through projects like the Victoria’s Lifestyle Development, which will attract talent through its housing options and amenities,” Gov. Mike Pence said in a news release. “As Indiana enters its third century, it is vital to continue our efforts in attracting and retaining top talent to our state. The Indiana Regional Cities Initiative is helping communities and regions collaborate on projects that are tailored to their local needs, improving the everyday lives of Hoosiers.”
The Victoria National project is the fourth Southwest Indiana Regional Cities Initiative project to be approved, with another pending approval.
Wathen said he thinks all 10 of the projects will be approved by the Indiana Economic Development Corp. by mid-2017. Part of the Regional Cities Initiatives agreement for funding requires a majority of the projects to be completed by 2020.