By Adrian Sanchez asanchez@columbustelegram.com | Posted: Saturday, March 27, 2010 10:15 pm

COLUMBUS — All lots in the Bradshaw Place Subdivision have been contracted for development and the new west Columbus neighborhood is expected to be completed by this time next year.

The 15-acre, 43-lot neighborhood located in the area of 19th Street and 48th Avenue is expected to help alleviate the city’s housing shortage and provide more affordable housing for low- to moderate-income families. Of the 43 lots, 22 are reserved for low- and moderate-income households with the other 21 lots and homes available to anyone of any income level.

The 2006 initiative achieved another milestone a week ago when the final commitments to remaining lots were received by NeighborWorks Northeast Nebraska.

“In just 13 months all of the lots have been sold in the Bradshaw Place subdivision” to 15 different builders, NeighborWorks Executive Director Roger Nadrchal said. “We had a large interest from many builders to secure the final lots in Bradshaw Place ... (and) as of March 19 all lots have commitments to sell to builders.”

Lot sales began in February 2009 following the land acquisition, design and infrastructure installation in 2008.

“This is a great accomplishment. We at NeighborWorks Northeast Nebraska are so proud to be a part of meeting the housing needs in the Columbus community,” Nadrchal said. “There definitely is a need in the housing market in Columbus, especially in this price range,” which are expected to be priced between $140,000 and $145,000 with home owners potentially eligible for the 0 percent down payment assistance loan of up to $25,000.

Currently, eight houses have been constructed and sold to homeowners with several pre-sold homes that are under construction, he said.

“When we sell the lots to a builder the home must be built within 12 months,” Nadrchal said, so “by fall of next year we should be looking at the last homeowner sales.”

Nadrchal said this is the first of two phases of the Nebraska Department of Economic Development new neighborhood initiative pilot program.

He said the outlook for the second phase has yet to be determined, but expects with the success of Bradshaw Place its development will be completed within the next five years.

While the development of the second phase may be on the horizon, a more immediate impact may be experienced in the near future.

The total development budget was $1.6 million, transforming a $255,000 piece of land into an $8 million neighborhood, Nadrchal said.

“The overall estimated real estate value of all the homes will be $8 million in value, definitely generating more taxes,” he said, as well as balancing out the city’s growth by adding more houses to the west side of town.

“Overall, we are very appreciative of everyone who stepped up and helped us do this,” Nadrchal said, and “we are glad to be a part of the project and help the community grow.”