By Jeff McKinney
The Cincinnati Enquirer

Greg Bridges, president of Celestial Building Corp., at a construction site at the Glenhurst subdivision in Independence. The community could have 500 homes by the time it's built out in 2010. The Cincinnati Enquirer/GLENN HARTONG

Hoping to benefit from low interest rates and Northern Kentucky's brisk economic growth, Gregory Bridges will start construction next month on 70 homes in Independence for first-time buyers.

Bridges, president of Celestial Building Corp. in Independence, is confident that the homes will appeal to an influx of entry-level buyers who work for companies such as Delta Air Lines and DHL Corp. He also hopes the homes - priced at $110,000 to $140,000 - will appeal to a rising number of people in their 20s who are taking advantage of low rates to buy homes instead of renting.

The homes will be part of Glenhurst, a subdivision first developed in fall 2001 that now has almost 150 homes. The community could include up to 500 homes when built out by 2010.

Bridges said his work at Glenhurst is 12 to 18 months ahead of schedule.

"There is a hot market for these homes because they are affordable to Northern Kentucky's working families," said Bridges, who also is president of the Home Builders Association of Northern Kentucky.

Indeed, much of that demand is being fueled by brisk demographic and population growth in the area. The population in Independence grew to 14,982 in 2000, up 43.4 percent from 10,444 in 1990, according to the Census Bureau. Independence's median household income rose to $51,002 in 2000, up 41.9 percent from $35,951 in 1990.

Bridges also is riding on mortgage rates that have remained down after hitting 40-year lows last summer. The rates helped Greater Cincinnati home sales hit record levels last year for the third straight year.

Among the consumers that fall into the target category are Tony and Amanda Giordano. They bought a $118,000 home in Glenhurst in June, a three-bedroom ranch that suits them and their 15-month-old daughter. Tha family moved from West Price Hill.

Tony Giordano, a 26-year-old nuclear medicine technologist at St. Elizabeth Medical Center in Edgewood, said the home was ideal because he and his wife are relatively young and did not have a lot of money to put down.

They got a 5.25 percent rate on a 30-year, fixed-rate mortgage, Their monthly payments are about $750 with tax and insurance.

"This is a great starting point for us to build equity in a home," he said.

Two other builders are in Glenhurst: Maple Street Homes of Crestview Hills and Parkland Homes of Fort Wright.

Russ Beymer, marketing director at Maple Street Homes, said Glenhurst is a "limited commodity" in Greater Cincinnati because there are not many neighborhoods with land priced low enough to develop and sell homes in the entry-level price range. Maple Homes has built 40 homes in Glenhurst and hopes to build another 100 in 21/2 years.

"When you can build new homes below $150,000, you have a very solid buyer pool to deal with," he said.

Michael Moore, president of Parkland Homes, agreed. His company has built 20 homes at Glenhurst and plans to build 20 homes annually as it's developed. Arlinghaus Builders of Edgewood also recently began building in Glenhurst.

Moore said he sees why Glenhurst appeals to entry-level buyers. "It's in a rural setting with all the amenities of urban lifestyle," Moore said.

But Glenhurst's main attraction might be its affordable homes.

Susan Asch, owner of Realty Executives Professional Group in Fort Mitchell, said that price range sets Glenhurst apart from other subdivisions in Northern Kentucky.

Her firm represents Celestial Building Corp. but also sells homes for other Northern Kentucky builders as well as individuals.

Asch also said Glenhurst's proximity to the Cincinnati/Northern Kentucky International Airport, Florence Mall and downtown Cincinnati make it attractive.

She said six of the 34 lots that her company is trying to sell at the latest phase of Glenhurst have been sold, and she expects the remainder to be sold by June.

E-mail jmckinney@enquirer.com