CHICAGO—Although the economy has shown many signs of recovery, many observers say it won't return to true health until new home construction kicks off in a big way. But a few builders are ready to begin work on sizable projects. Pulte Group, Inc., for example, one of the nation's largest homebuilders, has just completed the purchase of a 123-acre land parcel located at the northwest corner of Gilmer and Midlothian Roads in suburban Hawthorn Woods. The Atlanta-based company, which has operations in about 50 markets, plans to build 220 custom homes on the site. It did not disclose the price of the transaction.
The suburb is about 40 miles northwest of Chicago and prides itself on preserving open space. Pulte plans to preserve more than one-third of the development site as open land, use 20 different home models and construct four distinct neighborhoods. Prices for the homes will range from $350,000 to $800,000.
Rick Scardino, a principal of Lee & Associates Illinois, represented Pulte in the transaction.
“This is a very exciting home development and is one of the largest ground up new subdivisions underway in the entire Chicago Metro market,” says Scardino, noting that unlike most homes nearby in Hawthorn Woods, Kildeer and Long Grove, which use individual well and septic systems, this will be the first developed community that will feature city sewer and water.
The seller, AGP Investments LLC, purchased the property nearly 50 years ago as an investment and sold it due to the favorable market conditions.
Pulte plans to complete models of the development's homes in February.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
