Developer revives Zionsville townhouse project that stalled in recession

The vision for a Zionsville townhome project that stalled during the last economic downturn has been revived under a different developer.

Virginia-based CalAtlantic Group Inc. has filed plans to build a 77-unit project near Oak Street and Ford Road on 22 acres of undeveloped land at 245 Manchester Square. The homes would be built south of the existing Manchester Square townhome community.

The land is already zoned for multi-family development, but the developer has requested a series of development standard variances from Zionsville, including those relating to open space and height.

Twelve buildings would be constructed with six units each, except for one which would have five units.

Plans for 77 additional townhomes in the Manchester Square area were approved by town officials once before. Bruce Gunstra Builders Inc., once one of the area’s largest home builders, filed the plans originally.

But the project stalled when the builder filed for bankruptcy and ceased operations in 2009, according to documents CalAtlantic filed with Zionsville.

Closely hemming to the Gunstra plans, the new project from CalAtlantic has already been approved by the Zionsville Plan Commission. It still needs approval for the requested variances.

CalAtlantic, which was acquired by Miami-based Lennar Homes earlier this year, is currently developing a townhome community in downtown Fishers.

It also built the Townhomes at Grand and Main in Carmel. Homes in Grand and Main range in price from about $278,000 to $340,000, according to the company’s website.

Planning documents filed with Zionsville officials don’t indicate how much the new townhomes in the Manchester Square area would sell for.

CalAtlantic representatives could not be reached for comment.