History of Norton Commons
Media Release – Norton Commons was established in 2004 and is the region’s first Traditional Neighborhood Development (TND). TNDs are the cornerstone of the new urbanism movement, which promotes the creation of diverse, walkable and vibrant mixed-use neighborhoods assembled in an integrated fashion, resulting in a complete community. Norton Commons, which sits on 595 acres in northeastern Jefferson County, is currently home to almost one thousand residences, over 55 locally-owned businesses, and numerous parks, pools and green spaces. Traditionally-inspired homes of different sizes and varying price ranges offer accessibility to everyone, while retail stores, restaurants, service providers, schools and civic buildings promote a true sense of community.
The design of structures within Norton Commons is overseen by its Town Architect, who endeavors to preserve traditional regional architectural styles while promoting the use of modern building technologies. As a result, neighborhood property owners enjoy the charm of historic-looking homes while benefiting from contemporary conveniences and efficient amenities.
One such modern technology is the 100% geothermal North Village that Norton Commons is currently building. The decision to develop the projected 1,800 residences in the North Village with geothermal heating and cooling technology was undertaken to both increase homeowner comfort and savings and to reduce Norton Commons’ carbon footprint. To date, the Norton Commons North Village is the largest geothermal development currently under construction in the United States.
In terms of price, Norton Commons remains competitive with other developments in northeastern Jefferson County. Prices for single family homes range from $450,000 to over $2 million. Prices for multi-family units start around $225,000. Lot sizes within the development also vary significantly. Home ownership includes access to all community parks, pools and neighborhood amenities, among other things.
Upon completion, Norton Commons will boast approximately 2,800 residences, hundreds of businesses located in two vibrant town centers, and over 150 acres in planned parks and green spaces, all within easy walking distance. With a community calendar packed with family-friendly events like movies on the lawn, a summer concert series and a host of holiday celebrations, there’s always something for the residents and visitors of Norton Commons to enjoy.
Norton Commons is not just a neighborhood – it’s a lifestyle. And this lifestyle comes with more life per square foot.
Norton Commons seems to be such a runaway success, it may be difficult to remember when it was a hugely speculative venture.
It may also be difficult to remember that it has been 10 years since the very first home was sold in the quirky subdivision – a huge expanse of land in the farthest northeastern reaches of Jefferson County (it even straddled into Oldham County), former farmland that was going to have sidewalks, streetlights, storefronts, offices, restaurants and lots of public green spaces.
So who had the foresight to envision this would be at all successful?
“Dumb luck,” says Charles Osborn III, the managing partner of Traditional Town LLC, developer of Norton Commons. “The stars just happened to be colliding.”
Probably not “dumb luck.” Luck that anticipates such an outcome and plans and works to make it happen is rarely dumb – and, in fact, rarely just lucky.
But as for the stars colliding, several things did come together before the first shovelful of dirt was turned in 2003. In the mid ’90s, Osborn and his family company were drawn to the New Urbanist concept, a 1980s attempt to combat the increased suburbanization of America.
The Norton Trust that owned the 600 acres of farmland was equally enamored of the concept. Mary Shands, who inherited the family farm in 1988, was a spiritual sort who didn’t want the property but didn’t want it to become just another suburban subdivision, either.
So she and Osborn agreed on developing a “New Urbanist” community to be called Norton Commons. Fortunately, says Osborn, the Trust agreed to stay on as a participant and owner of the development. “In the late ’90s, dirt was running at about $50,000 per acre, so roughly 600 acres would have cost about $30 million,” he recalls. “The deal would likely not have happened if we’d had to write a check for that amount.”
Now, as you look at the cranes and steam shovels creating streets, sidewalks and homes all the way back to the Oldham County line, it’s probably difficult to think that 10 years ago, a lot of people wondered “why?”
It’s way out in the country and unlike, say, Lake Forest, you’re not getting a mini-mansion for your money with tons of square-footage. Just the opposite: Lot sizes were tight and the early homes were open and well-laid-out but small-ish.
“We hired a company to do a market study for us, and it determined that only about 30 percent of the market would be interested in what we had to offer,” says Osborn. But also, he says, “we were the only game in town.”
Once again, though, those stars were aligning. Big hospitals and medical centers were gobbling up large available tracts of land to meet the growing eastern Jefferson population movement. Brownsboro Crossing was being developed. Lowe’s and Costco installed big new stores. And then Dean Corbett built his American Place restaurant out there.
Louisvillians were discovering the Gene Snyder was no longer the edge of the world.
“A lot of builders were purchasing several lots at a time,” says Osborn. “Of course, what they were selling was mostly an idea. But we had some early adopters back then, people with vision and faith.”
Not that the stars always align perfectly. Five years in, the housing bubble burst. Mortgage money was drying up. Fortunately, Osborn recalls, “though our numbers were soft, we were attracting enough good, qualified buyers who were able to continue purchasing even in those tough times. They were qualifying for what mortgages were available. And many of them were in solid-enough financial positions to buy for cash.”
Still, the original concept had never been luxury homes for luxury residents. “From the beginning, we tried to keep an affordable price point, to attract as many buyers as possible,” says Osborn. “We like to say, we want the doctor living here and we also want his nurse and his office administrator.”
That price point has crept up, of course. “Early homes averaged in the low $300,000s, but we had homes in the low $200,000s, even some slightly below that,” Osborn says. The average now, he says, is in the high $400,000 to low $500,000.
And escalating. “The cost of doing business has gone up,” he says, “and it’s not a big deal to get requests from contract buyers for a $1 million home anymore.”\The number of contract buyers has gone up, too, but Osborn says they’re still building spec houses. That arc has changed too, of course. In the beginning, it was pretty much all spec houses, then it became harder to get financing for spec houses, so the concentration became contract buys. As the market has improved, they’re back to building more spec houses.
“We always need a volume of spec homes for buyers to fall in love with.”
He has the love now. So where does he go from here? You can see, from all the activity going on, that they’re heading toward the 140-acre Oldham County portion of the property. That section is called the Hamlet . And bigger, more elaborate homes are being built. But the original master plan has not changed.
The expansion north, the Hamlet, near Sleepy Hollow Road will include 257 lots, allowing for a more rural feel with less density than Jefferson County sections of Norton Commons. The Hamlet will feature large parks and distinctive open spaces with a lake, fields, and mature wooded areas. Further adding to the exclusive nature of this section, only 40 building permits per year will be issued by Oldham County. This county restriction is in place to avoid overwhelming the award-winning school district, which boasts highly-ranked elementary, middle and high schools.
Restaurants and Retails of Norton Commons
Also still on the drawing board is more commercial and retail space. “The original entitlement was for 360,000 square feet of office, 200,000 square feet of retail. Retail is tough to get off the ground, so we think we’re fortunate to have the retail we have. We have a law firm and an engineering firm that each own their own buildings. And we have a bunch of little businesses and two 20,000-square-foot office deals pending.”
The homes may be getting bigger and more luxurious, and the location may be pushing farther and farther into the country, but the one thing that appears not about to change is the commitment to a New Urbanist community that started the whole thing.
“That’s still who we are,” Osborn says, “and it will continue to drive the profile of Norton Commons.”