The vacant area of the Magnolia Lakes development on Iron Bridge Road will soon be abuzz with activity. The property has been abandoned since 2011.
Soon to be called The Pointe at Magnolia Lakes, the foreclosed property was recently purchased by Cornerstone Homes. Its owner, Roger Glover, says he will build condos of the same design as the existing Tascon Homes built there.
Cornerstone bought the 30-acre property from a division of BB&T bank for $1 million.
According to Richmond Bizsense.com, 30 homes have been built and occupied, 106 lots are ready for construction and 15 acres are undeveloped. Construction could begin in April.