ASHLAND, Ky. (KT) - Braidy Industries, while still seeking funding for its $1.7 billion aluminum rolling mill, has acquired land in Greenup County for neighborhood developments.
CEO Craig T. Bouchard announced on Facebook late Friday the plans for more than 700 acres of land at The Oaks Golf Course in Flatwoods.
“We need to design and build a community that will attract young families to Ashland and encourage our incredible young people to get married and stay here,” Bouchard said. “Quite a few companies and a couple thousand employees will eventually surround the mill, and that doesn’t include a replacement for AK Steel. There isn’t enough housing and infrastructure for young families.
Braidy was the highest bidder in an auction last week to buy the property that includes the golf course, Bouchard said. An auction site revealed the land was bought for just under $1 million.
Bouchard said the new neighborhood won’t spring up overnight. There will not be any major changes until designers come up with a design.
“Expect no big changes until we make a plan, create an architectural design, and then build a very nice community,” Bouchard said. “It will take a couple of years. It will be impressive.”
Nate Haney, who has been named president of Braidy Real Estate, will oversee The Oaks transaction and development.
The Oaks community in Flatwoods includes 714 acres with an 18-hole golf course, a 3,300-square-foot clubhouse, driving range and a pavilion in addition to the challenging par 72 course. It has 25 ready-to-build lots for homes, a 68-acre and 15-acre tracts for developeming and a 482-acre wooded tract.
Bouchard says more details will be released when the deal closes March 8.