The first phase of the development, which involved 46 housing lots, was completed last year and the houses were placed on the market last March with prices ranging from $400,000 to $700,000. The houses were all sold by the end of the year. According to a released statement, Nickerson approached Emmes with an offer to purchase the remaining 112 lots, which he will develop. The development's previous owner declared bankruptcy after failing to develop the site.
Emmes Capital is a wholly owned subsidiary of Emmes & Co. LLC, a real estate investment and asset management firm, with equity interests in more than 14 million sf of residential and commercial real estate in the United States and Japan.
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