Beyond the Horizon

Adkinson says his inspiration for Horizon—its first phase will be comprised of 12 distinct villages, with four lakes, parks, a town center, and retail and commercial components—derives from communities such as Celebration in Orlando and The Woodlands near Houston. And he believes there will be plenty of buyers for Horizon's homes, now that people are receiving insurance and relief checks, and as more casinos and resorts open and create higher-paying jobs.

Selling their concept to officials in an impoverished state that built only 2,800 homes in 2006 was made easier by Joe Cloyd, Barbour's right-hand man who, until February, was Mississippi's liaison with developers. Cloyd hooked the partners up with Leland Speed, chairman of the Mississippi Development Authority. Adkinson says Speed warmed to the project when the developers offered to foot the entire infrastructure bill. (In exchange, the state promised expedited permitting.) The county's board of supervisors signed off after the developers agreed to construct a firehouse, sheriff's office, and town hall, and to pledge $50 million for school construction.

“Throughout the process, there have been talkers, and there were people like Mike and Robert, who stepped up to the bar,” says Cloyd. Martin O'Neal, president of O'Neal Halliman Corp., McHenry's largest builder, adds “if the developers put in all of the infrastructure they are promising, that would be the greatest thing that's happened in my lifetime.”

Dirt was already being moved at Horizon when the project was announced officially on Jan. 16, 2007. A week later, Mississippi Investors received two key permits: one to build a water and treatment plant and another from Mississippi's environmental protection bureau for a 10-million-gallon per day effluent discharge, which is equal to the state's current capacity. Adkinson is now talking about building 18,000 multifamily units in subsequent phases, and Windham says Horizon's third phase might include four golf courses.

In late January the partners were weighing bids from several banks for financing to cover development costs, estimated for the first phase at $150 million. They say the first finished lots should be ready for sale by April. The game plan, says Windham, is to sell each village within Horizon to a single builder. The smallest lots, with 60-foot frontages, would start at $35,000; lots with 70- to 80-foot frontages near the lakes could run from $100,000 to $300,000.

David Jordan, Scottsdale, Ariz.–based Meritage Homes' senior vice president of land in Houston, anticipates that it might take longer for lots to be released. His main concern, though, is whether this project can attract enough construction labor. (Two sections of Phase One are expected to include between 1,800 to 2,300 units of manufactured homes that would be 1,000 to 1,200 square feet and sell for under $125,000. Windham says some of those homes could house construction crews from other states.)

Still, Jordan and other builders are rooting for Horizon, a business opportunity that could represent a major step forward in the Gulf Coast's revival.