BEAVER DAM – A proposed expansion of the Stoney Ridge subdivision could bring 39 more single-family homes to Beaver Dam.
During Monday’s Common Council meeting, Beaver Dam Area Development Corporation Executive Director Trent Campbell presented the concept as an extension of the city’s partnership with Newman Companies, the developer behind the existing Stoney Ridge project.
Campbell said the proposed development would cover a little more than 16.4 acres near Olinger and Crystal Lake roads, east of the current Stoney Ridge subdivision. He described the site as the former golf driving range property.
The proposal remains preliminary. Campbell told council members the presentation was meant as a “temperature check” before staff and the development team spend more time drafting a formal development agreement. Council members voiced support for bringing that agreement back, potentially in July.
Under the concept, Newman would purchase the property and seek annexation into the city. Campbell said the project would be structured outside the city’s existing tax incremental district boundaries, meaning the new construction value would be added to the tax rolls as it is created.
The proposed city incentive would come from TID 8 surplus funds. Campbell said the projected equity gap is about 1.342 million dollars, with payments tied to project milestones. The largest payment would come after lots, roads, utilities, and related infrastructure are completed. Additional payments would follow after 13 homes are completed and after all 39 homes are finished.
Campbell said the agreement would include a deadline. If the 39 homes are not built by the end of 2030, any remaining incentive payments would end. He also emphasized that the proposal does not require city borrowing.
The development would largely mirror the existing Stoney Ridge neighborhood, including similar home styles, infrastructure standards, and lot layout. A Newman representative said the goal is for the expanded area to feel like a seamless continuation of the existing subdivision.
Homes are projected to have a base price around $400,000. The Newman representative said the houses would generally range from about 1,600 to 2,300 square feet, with full basements and mostly two- or three-car garages.
City officials stressed that no final approval was granted Monday. A formal development agreement, annexation process, and other approvals would still be required.
