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Proposed Single Family Development Would 'Reinforce' Lisle's Existing Home Values

Representatives with K. Hovnanian Homes presented information on pricing, styles, and layout of Arbor Trails, a proposed 163-home development on Maple Avenue. The public hearing process is expected to begin next month.

 

National home building company K. Hovnanian Homes hopes to turn the $600 in tax revenue that DuPage County receives each year on the Meijer property into $1.5 million, ideally.

That’s according to the company’s land acquisition manager, Scott Barenbrugge. Wednesday evening K. Hovnanian representatives met with Lisle residents at to review their vision for a single-family development in the lot surrounded by , the Green Trails neighborhood, and Green Trails Shopping Center on Maple Avenue. Homes would list between $300,000-$500,000 (with smaller plots running from the low $300,000 - low $400,000 range; and larger plots selling from the low $400,000 to mid $500,000), which developers believe would ‘reinforce existing home values.'

"Sold prices for the entire community are projected to average $450k, and the majority of the homes are projected to close in the $350-600k range," Barrenbrugge said in an email statement.

Attorney Russ Whitaker said the company filed its application for the proposed project, dubbed Arbor Trails, with the Village last week. He said he expects the public hearing process to begin on Feb. 15.

Barenbrugge said the lot was ideal for a housing development, and contended the Village’s need for retail could find homes in existing vacancies. In a , he said the company was interested in Lisle for its proximity to highways, nearby employment opportunities, and location within Naperville Community Unit School District 203.

Reps said they hope the development will appeal to first-time buyers and empty nesters alike.

To break ground, the company will require the approval of an annexation agreement, a special use permit, and a rezoning request.  They will also need to officially purchase the land from Meijer Stores L.P.

The plot, which is currently owned by DuPage County, brings in $600 in agricultural tax revenue. Barenbrugge said the 60-acre lot could potentially earn $1.5 million in annual property tax revenue “fully built out.” Another $585,000 in impact fees would benefit District 203.

 

Information on the units:

  • 163 homes available in Colonial, Craftsmen, Federal, and Georgian styles;
  • 97  6,000 sq. ft. properties;
  • 66  9,750 sq. ft. properties;
  • 3-5 bedrooms each, with options for ‘bonus rooms,’ such as a loft.

 

The development would include:

  • a one-acre park, with playground, seating, and open space;
  • preserved nature area;
  • two water detention areas, one situated on the far north, and the second on the far south. Barenbrugge said the areas would garner significant watershed reductions for the Steeple Run and St. Procopius areas.

 

Nature areas would total approximately 10 acres. A planned system of walking trails would connect to those existing throughout the Green Trails community.

Barrenbrugge said landscaping at the subdivision’s main entrance would mirror the adjacent Green Trails apartment entrance at Windsor Drive. He added developers would retain approximately 600 existing trees.

Reps said they hope to finish the application process this summer, and open models next winter. Company president Andy Konovodoff said construction could begin earlier, depending on the speed of the approval process.

 

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Bill January 31, 2012 at 07:23 PM
Reinforce historically low home values? (Crain's 1-31-2012) A closely watched index of local home prices fell in November for the third straight month, with no signs of a turnaround on the horizon. The Standard & Poor's Case-Shiller index of Chicago-area single-family home prices fell 3.4 percent from October to November and was down 5.9 percent from the year-earlier level. Chicago posted the largest October-to-November drop in the 20 metro areas in the report. "I wouldn't be too surprised by anything going on in the housing market," says Geoff Smith, exec director of the Institute of Housing Studies at DePaul Univ. "You'd hope at least that most markets are at or near the bottom right now but the problem is they're just going to stay there." Chicago is buried by a large supply of unsold homes and weak demand for them, Mr. Smith says. A huge number of homeowners who are underwater or owe more on their home than its value are trapped in their homes and continue to drag down the market as well. “Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall” David M. Blitzer, chairman of the index committee at S&P Indices, said. “The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand” Mr. Blitzer added. The Chicago-area price index is down about 33% from peak in Sept 2006.
Jason February 03, 2012 at 05:41 AM
I think this property should be a mixed project. Lisle needs tax base. How about a mixed deal with retail,houses and maybe some mid rise condos to put Lisle on the map. Also maybe 25 percent open space?
Frank B February 05, 2012 at 11:36 PM
We don't need new empty homes and another half empty strip mall. Leave it a corn field.
Dick February 16, 2012 at 06:42 PM
Foreclosures in the US are expected to rise 25 percent this year to 1 million homes. Today there are 112 homes in Lisle in foreclosure and another 219 homes for sale. This subdivision is not economicaly feasible at this time.
Jane February 27, 2012 at 02:42 PM
No press coverage of the hearing?

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