Purchase includes 146 finished lots plus 30 more with preliminary approval
Polygon Northwest is coming to King City, and the president of the company came to the June 15 City Council meeting to introduce himself.
Fred Gast, president of Vancouver, Wash.-based Polygon Northwest Company, said that his company is in the process of purchasing the remaining undeveloped lots in Edgewater on the Tualatin that belonged to Legend Homes before its bank took them over.
"We're still in the process of closing on the property and processing applications for a sales office," Gast said. "We will offer models similar to those at our Villebois development in Wilsonville - English Tudor, craftsman and classic American. Edgewater is a well-established neighborhood with character.'
In response to a question, he said, 'They will be Energy Star homes and more efficient than traditional homes built even three or four years ago."
According to Gast, the new homes in what will be called Polygon NW at Edgewater on the Tualatin on average will have three bedrooms and be 1,500 to 2,000 square feet in size.
"They will probably be a little smaller than the current ones in Edgewater - it's a sign of the times," he said.
Later, Gast said that the purchase from the bank, which he expected to be completed by the end of June, included 146 finished lots plus another 30 with preliminary approval.
"It's a great neighborhood and a great location," Gast said. "We look for great communities first when we expand, and this was a good fit."
Paragon NW, which Gast told the City Council builds between 250 and 300 homes a year, has a number of developments in Oregon and Washington.
Legend purchased the Edgewater site after the land was brought into the urban growth boundary in 2002, originally filed for bankruptcy in June 2008, emerged from bankruptcy a year later and continued building homes for a short time.