Cheap land boosts building

Falling land prices in Jacksonville are reviving real-estate development.

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“The Farms of Jacksonville” development project is back on track as a result of falling land prices in the area.

Medford developer Laz Ayala acquired 25 lots in May from Sebren Development Inc. for $550,000. The development was called The Farms of Jacksonville when it was announced by original developer Brendan McDermott, CEO of Sebren and a Jacksonville native.

Ayala rechristened Phase II and Phase III of The Farms as Keegan Gardens, saluting the nearby historic Keegan House. A dramatic drop in land values made the development possible, Ayala said, and makes its townhouses much more affordable.

Read the full story at the Mail Tribune.

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