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.