CANFIELD, Ohio (WKBN) – At the intersection of Route 224 and Palmyra Road on the outskirts of Canfield Township is a plot of 115 acres ready for building.
It’s the future home of Millennial Moments, a mix of luxury residential homes and commercial properties.
Developer Joe Russo with Trilogy Asset Investment estimates the price tag for this project to be in the $110 million range. He says his company chose Canfield because it’s home.
“We’re all from Canfield, so this is our hometown. So we thought, you know, what better place to build a place that we would want to live ourselves?” Russo said.
The community will contain 51 residential properties.
“We are doing 10 custom homes on Palmyra and 28 townhomes and 13 villas,” said real estate agent Gia Herrera.
Herrera says the luxury homes come standard with granite countertops in three bathrooms, the kitchen and the laundry room. They start at just under $400,000, but with add-ons like smart house features and electric car charging stations, Herrera says she expects these homes to sell in the $500,000 range.
“There is a low inventory for new construction homes and a very high demand. So, this is going to be a game changer for the area,” Herrera said.
Rising home loan interest rates are not a concern.
“Usually in this price range, a lot of buyers are cash,” Herrera said.
Russo estimates the entire project to take about 10 years to get all of the commercial and residential spaces built, but he expects that people can begin moving into the villas as early as spring of 2023.
“We’ll be starting 13 villas here in the next few weeks, and that’s really phase one of our plan,” Russo said.