Friday, May 13, 2005
Canfield to buy Fincastle Farm
Plans call for some development, majority of site to go into a conservation easement
Business First of Louisville
by Sarah Jeffords

Developer Steve Canfield is seeking to quell concerns about his purchase of the 143-acre Fincastle Farm in Prospect by agreeing to preserve much of the natural setting.

Canfield, owner and president of Prospect-based Canfield Development Co., has reached an agreement to buy the site from former Brown-Forman Corp. executive W.L. Lyons Brown Jr., who is serving as U.S. ambassador to Austria.

Canfield plans to make Fincastle Farm his residence and to set aside a portion of the estate for a $75 million development with upscale homes.

Neighbors expressed concerns when the estate went up for sale, fearing that developers would build subdivisions throughout the property.

But Canfield is working to place 97 acres of the property under a conservation and preservation easement, ensuring that it will remain undeveloped farmland for years to come.

Canfield said he was among seven buyers who vied for the site.

The Brown family accepted his fourth offer, which Canfield said was for more than $8 million.

Paul Embry, the broker who represented the Brown family in the sale of the property, could not be reached for comment by Business First's press deadline.

Canfield said he expects the transaction to close in July.

Lots to range from 0.6 acre to 1 acre

Located at 7501 Wolf Pen Branch Road, Fincastle Farm is bordered by Harrods Creek, Wolf Pen Branch Road, Wolf Ridge Road and Wolf Pen Trace.

Access to the new development, which has not yet been named, will be from Wolf Pen Branch Road.

A separate entrance will be created for the estate, which will keep the Fincastle Farm name.

Initial plans call for up to 58 lots, each of which will range between 0.6 acre to just over one acre. Home prices are projected to start at about $1 million.

About 60 percent of the lots will back up to the preserved land.

There is a high demand for those types of lots, Canfield said, because there are not many new home sites with such a view of a natural setting.

The $75 million price tag includes all aspects of the project, including land acquisition, infrastructure development costs and home construction, Canfield said.

He said he has not yet secured financing for the project, and he also must receive approvals from the Louisville Metro Planning Commission because a higher-density residential zoning is needed.

Canfield said he expects to file his plans in June.

Neighbors to be advised of plan

Canfield said his next step is to make sure area residents are on board with what he is proposing.

During the next few weeks, he plans to meet with neighbors to gather their input and possibly make revisions based on the feedback he receives.

Hugh Shwab, a Wolf Ridge Road resident whose five-acre property adjoins Fincastle Farm, will host one such meeting on Sunday.

"Of all the people out here, I've got the most to lose," Shwab said. "So I'm pretty passionate about it."

Shwab said he would love to see the farm remain untouched, and he isn't happy about the possibility of a subdivision next door.

But he understands that changes are coming, and he plans to work with Canfield to find the best use for the land and to protect the interests of neighbors.

And Shwab is heartened by the fact that Canfield is willing to gather input from neighbors, calling the collaboration a "positive sign."

Proposed easement will retain natural beauty

In addition, having two-thirds of the property under an easement will help to maintain the rural setting.

Canfield currently is negotiating details of the easement with River Fields Inc., a Louisville nonprofit group dedicated to preserving, protecting and enhancing cultural and natural resources along the Ohio River.

Under the proposed agreement, Canfield will relinquish his development rights for that portion of the property, and River Fields will be responsible for monitoring and enforcing the development restrictions, if any, that are specified in the easement, said Meme Sweets Runyon, River Fields executive director.

She added that the easement restrictions remain in effect even if the land ownership changes hands.

"Once the easement is signed," she said, "we're making a commitment that goes into hundreds of years."

In its role as a land trust, River Fields establishes conservation easements. Runyon said Canfield's proposal is the largest conservation easement that a developer has discussed with River Fields.

And if plans materialize as they have been presented so far, she added, the easement could have a positive impact on the preservation of natural and historical resources in the Harrods Creek watershed and Wolf Pen areas.

Instituting the easement means Canfield will forgo any profit he could have made from developing the land, but there are tax advantages to the arrangement that make the deal feasible, he said.

Also, he had a personal interest in protecting the landscape because he and his wife will be living on the estate.

Besides the main house, Fincastle Farm includes a one-bedroom guesthouse, a swimming pool and nearby changing rooms, a greenhouse and a barn.

Canfield said his wife, Penny Love, who is a home builder, will oversee the renovation of the home, which was built in 1937. It is listed on the National Register of Historic Places.

Although some of its elegance has faded, the 9,000-square-foot brick home is still an impressive site, outfitted with black shutters and ornate white trim.

Part of the appeal of the house, he said, is in its unique features, such as mantle and trim work that would be difficult to replicate.

"My wife and I love old houses," Canfield said. "This is kind of a special place, and it needs to be restored."