DEERFIELD TWP. — The Meridian Landgroup is buying about 103 acres of prime real estate along Mason-Montgomery Road to develop 230 upscale homes.

        Meridian is expected to close on a deal with Deerfield Township trustees Tuesday to buy the 153-acre Fleckenstein Farm for $4.9 million, or roughly $47,900 an acre.

        Township officials bought the parcel three years ago for about $3.9 million.

        As part of the agreement, Deerfield Township will retain ownership of more than 50 acres to be developed as parkland.

        The deal enables the township to recoup the money it spent to buy the land and provide it with utilities. It also allows the township to obtain a 50-acre park at virtually no cost.

        “It was a little bit of a risk on our part to buy this property, then turn around and try to sell it at auction,” Trustee Larry Backus said. “But I think that decision reflects on the faith we have in the value of property in the township. It is very gratifying to see the whole thing come together.”

        Meridian will pay for the land in three installments — one-third at closing, another third after a year and the final third after two years. The company plans to develop the residential subdivision in stages.

        Jeff Harris, president of Meridian, said he would like to begin construction this year and have some homes available for sale in the fall. He said the single-family de velopment, to be called Hunter's Valley, will complement other upscale housing in the area, such as Four Bridges in Liberty Township and Heritage Club in Mason.

        “I don't want to say that it will be an exclusive community, but it will be a top-of-the-line subdivision with amenities that will go very well with what is already out in that area,” said Mr. Harris.

        Township officials say the developer will present design plans at Tuesday's meeting.

        Zoning Administrator Tim Hershner said Meridian officials may also present ideas on how the township can integrate its 50 acres of parkland with the new subdivision.

        There is no timetable for when the park parcel would be developed, but officials suggested some work could take place this year.

        Tentative plans include soccer fields, a picnic area and walking paths.

        Executive Administrator Dan Theno said there is also a barn on the property that township officials are considering for a theater or community center.

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