Developers are planning a "new community" at St. Elmo's Hawkins Ridge after acquiring the property at an auction in September.
The 55 acres sold for $332,500. There were 70 bids on the property.
A video says the project will be coming next spring.
There will be 65 lots, including 30 with city views and 30 with mountain views.
It will feature "green homes" priced between $250,000 and $350,000, the video says.
Hiking trails will be included.