Tuesday, May 11, 1999
Upscale site near speedway
Ex-Gov. Jones is developer
BY PATRICK CROWLEY
The Cincinnati Enquirer
WARSAW, Ky. — Former Gov. Brereton Jones, a central Kentucky horse breeder, is getting into the real estate development business in Gallatin County.
Mr. Jones, who left office in 1995 and lives near Midway in Woodford County, paid $1.4 million for a 518-acre tract of vacant land in Gallatin County, which is about 35 miles southwest of Cincinnati.
Though his plans are preliminary, Mr. Jones wants to develop the property — off U.S. 127 north of Interstate 71 — with a golf course, two lakes and possibly a gated community of upscale homes.
He said the county's location — about midway between Cincinnati and Louisville — as well as construction of a motor speedway in the county makes Gallatin ripe for development.
“Gallatin County is a great place,” Mr. Jones said Monday. “It's beautiful, and I think it's poised for some pretty dramatic growth with the NASCAR track being built there and its somewhat central location between two metropolitan areas.”
Speedway coming
Northern Kentucky developer Jerry Carroll is building a $135 million speedway near Sparta. The development site Mr. Jones has bought is off I-71. The track is at the next exit heading south on the interstate.
“The growth is coming our way, there's no doubt about it,” said former Gallatin County Magistrate Doug Young. “And with the speedway coming, we're just going to see more and more of the development.
“(The development) takes away the country, but that's progress. And as long as it's a good development, I can't complain.”
Mr. Young, who lives near the property Mr. Jones has bought, said the proposal sounds pretty good. “If he does it the way he says he's going to do it, I won't have any problem with it at all,” Mr. Young said.
Golf course first
Mr. Jones said he does not have a final price on the development's costs. He did say he will start by clearing the land and developing a golf course, riding trails and two lakes at 12 to 15 acres each.
A decision will be made on building homes after a market study is completed, Mr. Jones said.
“The homes will be built if we can determine there is a demand,” he said. “But I'm still putting this together, and we could be as long as three to five years down the road before we start on the homes.”
Mr. Jones said he is developing the project on his own without other investors. He said he was involved in real estate development in his native West Virginia.
Mr. Jones bought the property last month from the Hopeful Corp., which tried unsuccessfully to develop a juvenile detention center on the property. The group included Boone County Circuit Judge Joseph Bamberger and Boone County District Judge Charlie Moore.
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