The $2 million to $2.5 million project will provide the types of housing that have been identified as a need by city officials.
“I’m really excited about this project,” Oakley said. “It’s a gamble, but I have faith in Middletown, and we’re trying to be supportive of Middletown.”
According to a housing study completed in early 2017, it is estimated that Middletown has an annual demand for 127 new homes ranging in price between $150,000 and more than $500,000. The city is working to complete its housing plan later this year as part of the new comprehensive master plan.
About 70 percent of Middletown’s housing stock is valued at less than $150,000, according to city officials.
The new townhouses will have about 1,500 square feet of living space and are being designed by Middletown architect Ron Decker.
The new homes will help increase foot traffic at downtown restaurants and businesses, according to Oakley. He also said he hopes this project will spur other developers to make investments in the city.
The Oakley Property Group works in residential and business properties in Montgomery, Butler, and Warren counties and in Middletown, Miamisburg, Germantown and Carlisle.
City officials hope this project and renovation of the existing homes will be an example for other vacant residential land in the future.