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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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Jane January 26, 2012 at 03:21 PM
It appears that they are proposing to rezone the entire property to R3. R1 property 20,000 sf lots R2 property 10,000 sf lots. R3 1-4 resident district 5000 sf per dwelling.
Mr.Ethics January 26, 2012 at 04:54 PM
So the Lisle zoning map is meaningless?
Jane January 26, 2012 at 06:02 PM
Here is a link to the Comprehensive Land Use Plan. Clearly they are planning to "ask" for modification of the Comprehensive Land Use Plan The only residential that is permitted under the Instututional Zoning is institutional-type housing for students/faculty. Unless, of course, this is another "done deal" in Lisle. http://www.villageoflisle.org/docs/clup_map_only.pdf
MF January 26, 2012 at 11:54 PM
Do we really need a new construction project when there is so much inventory already available? Who is approving this?
George P January 27, 2012 at 01:23 AM
143 homes bank-owned 82 homes scheduled for auction 167 homes in pre-foreclosure IN LISLE. TODAY.
Maria January 27, 2012 at 02:06 AM
Annexation has to be approved by 2/3 vote of the Village Board. Village Code INITIATION OF PROCEEDINGS Any one or more of the owners of record of land in any territory which may be annexed to the village may initiate annexation proceedings by filing with the village clerk a proposed annexation agreement. Contract purchasers who may wish to obtain annexation must join in with the record owner in a petition for annexation. PROCESSING OF PROPOSED AGREEMENT Within ten days after the filing of the petition, the clerk shall transmit a copy of the proposed agreement to thevillage board. Within twenty days thereafter, the board of trustees shall determine whether the petition warrants further consideration. If it is determined to further consider the petition, the board of trustees will thereupon designate a time and place for a public hearing on the proposed agreement and shall authorize publication of notice of said hearing, as provided by law. At all times during the proceedings, a copy of the petition and proposed agreement shall be kept on file with the village clerk for public inspection.
Maria January 27, 2012 at 02:08 AM
(cont) PUBLIC HEARING The corporate authorities shall fix a time for and hold a public hearing upon the proposed annexation agreement or amendment, and shall give notice of the proposed agreement or amendment not more than 30 nor less than 15 days before the day fixed for the hearing. The notice shall be published at least once in one or more newspapers published in the village or, if no newspaper is published therein, then in one or more newspapers with a general circulation within the village. The annexation agreement or amendment, if approved, shall be executed by the mayor and attested to by the clerk of the village, only after such hearing and upon the adoption of a resolution or ordinance directing such execution. In the event that a proposed annexation agreement provides for an amendment to any ordinance relating to PUDs, subdivision controls, zoning, special uses, the official village plan, building, housing or related restrictions, then and in that event the public hearing shall be held as if the real property subject to the proposed annexation agreement currently existed within the corporate boundaries of the village of Lisle.
Maria January 27, 2012 at 02:09 AM
(cont) ACTION BY BOARD OF TRUSTEES Within 30 days after the hearing, or within such additional time as may be designated by the corporate authorities, the corporate authorities shall act to accept, reject or modify the proposed agreement. Provided, however, the failure of the corporate authorities to act within said 30 day period shall not be deemed approval or acceptance of said agreement. The execution of any such agreement shall be authorized by an ordinance or resolution passed as may be required by law by a vote of not less than 2/3 of the corporate authorities then holding office.
MF January 27, 2012 at 03:44 AM
Thank you Maria for the very thorough explanation and George thank you for the statistics. I think the village board should review these before adding any new homes. This doesn't includes people trying to sell their existing, non-foreclosure homes.
Bill January 27, 2012 at 03:47 AM
Unemployment rate in the Chicago area rose to 10.2 percent in December from 9.3 percent a year ago. Who is buying a new house with increasing unemployment rates?
Bill January 27, 2012 at 03:51 AM
And 133 more people who are NOT moving to Lisle. http://www.in.gov/dwd/files/NavistarIncFortWayne093011.pdf
Jane January 27, 2012 at 04:46 PM
Naperville recently rejected a zoning change for a $100 Million development because the proposal was not consistant with the Comprehensive Land Use Plan. Interesting, that developer had the same attorney as this developer.... Watch for another paid PR spin effort: "Jobs for Lisle" !! Naperville City Council did not buy the "spin" to justify modification of their Comprehensive Land Use Plan. Will Lisle see through the spin?
Maria January 27, 2012 at 06:58 PM
A binding referendum on the annexation can be forced with petitions filed within 30 days of final decision by the Village Board. What do the taxpayers of Lisle gain with more residential development? Increase in gov't services- more fire, police services? - increase demand on already crowded schools? more traffic/roads to repair?
Jane January 27, 2012 at 09:42 PM
Hearing notice says re-zone to R-2 How can 97 lots at 6000 sf and 66 lots at 9750sf be R-2 when R-2 requires 10,000sf lots? The density of this development is very high. http://www.villageoflisle.org/docs/2665_maple.pubhrg.pdf Why meet with residents AFTER the plans are done and submitted? Obviously they were not looking for any input from the neighbors. They just want ot be able to say at the plan commission meeting that they "met with the neighbors." Hopefully the Village will post the reports, plans, and application all online.
MF January 28, 2012 at 01:31 AM
These are the types of things that we need to consider when voting for our public officials. The tiny little sign that they place on the land to notify everyone of the hearings is ridiculous.
Jack January 28, 2012 at 02:55 PM
Buiding? I would guess land-banking at best. Look at the number of single family proposed developments in Lisle that never even got past "pre-development" http://www.villageoflisle.org/docs/newsubdivision_list_06-22-11.pdf
Bill January 30, 2012 at 12:52 AM
If this development adds more than 90 kids to the Naperville 203 School system (K-12), then this will COST everyone more money just for education of the additional residents. Naperville CUSD 203 spends 11,000 per pupil. If this project is expected to generate 1.5 Million in total property taxes, then about 2/3 of that will go to the school district. 1 Million will educate 90 student at 11,000/yr. I think that 167 new homes will have on average 1.5 students per home = 250 students. 250 Students x 11,000 = $2.75 Million That leaves a shortfall of 1.75Million that either comes from across the board cuts, or an across the board tax increase. No thanks.
Clay Kalinoski January 30, 2012 at 02:04 PM
Does anybody know the selling price of the land?
Maria January 30, 2012 at 02:23 PM
Village Code 1-13-2 (E) In all applications the applicant shall present proof of ownership or interest in the affected property (i.e., deed, title commitment, title insurance policy, lease, contract). So, if the application is complete, the home builder submitted a copy of the purchase contract to the Village to prove interest in the property. Navistar had to submit their purchase contract with Lucent which disclosed the purchase price
Maria January 30, 2012 at 02:46 PM
Per the Density formula in the VIllage Code, a 4BD detached home has 1.6 children, of this 1.2 are school age. If we assume that the average home is a 4BD, then the village code density formula would indicate an impact to schools of an additional 195 students. 137 in K-8, 58 in HS. Based on the 11K expenditure per pupil, this comes to an annual estimated additional cost of $2,145,000. There is probably about a 600,000 one-time impact fee that the builder has to pay that would go towards improvements at the schools that would serve this subdivision (Steeple Run?)
Maria January 30, 2012 at 02:51 PM
Impact fees set by the Village are based on a fair market price of land at $162,000 per acre.
Clay Kalinoski January 30, 2012 at 06:48 PM
Sorry, but your comment referred to the impact fees set by the villiage based on the fair market value, but is $162,000/acre actually the price DuPage county is selling the land to Hovnanian Homes?
Maria January 30, 2012 at 09:30 PM
Meijer's still owns the property. This is a sale by Meijer to K. Hovnanian Homes.
George P January 31, 2012 at 03:58 PM
Tellabs cutting 530 jobs. Who's buying a new house? http://www.chicagobusiness.com/article/20120131/NEWS08/120139961/tellabs-cutting-about-530-jobs
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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