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Investor plans $100M Greenwood project

October 9, 2007
Three local businessmen are planning a $100 million upscale residential neighborhood in Greenwood adjacent to Hickory Stick Golf Course.

Allen Zaring and Pete Hils, founders of former local homebuilder Zaring National Corp., and Scott Estridge have formed Scott Homes LLC. The group purchased about 75 acres from National City Bank, which acquired the land out of foreclosure from several prior owners.

The trio plans to build 210 homes priced from $250,000 to $1 million. And they're not worried about the sluggish housing market.

"We think the area here is perfect for empty nesters who want a nice place to live and being on a golf course will make it even more attractive to them," Hils said.

Three models are going up now and should be finished by January, Hils said. A 2,700-square-foot home has already sold for $320,000.Zaring National was sold to Kentucky-based Drees Homes in the early 1990s. The founders remained with the company until recently deciding to form their new company. While with Zaring, they developed Lakes at Hazel Dell in Carmel about five years ago.
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