Business & Tech
Joint Venture Buys Grande Reserve
Parts of the subdivision could be sold to various homebuilders yet this year, according to Chicago Real Estate Daily.
Two companies have bought the unfinished Grande Reserve subdivision on Yorkville’s east side.
Avanti Properties Group, of Winter Park, FL, and OA Management LLC, of Alexandria, VA, paid about $10.8 million for the 2,200-unit subdivision, which has about 440 complete homes, according to Chicago Real Estate Daily and a news release from Avanti Properties Group. At 1,127 acres, the subdivision is the city’s largest, according to Chicago Real Estate Daily.
Yorkville Mayor Gary Golinski heralded the purchase as good news for both the city and the residents of Grande Reserve.
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“One of my goals coming into the mayor's job was to find a way to get all of our unfinished subdivisions moving again,” Golinski said. “It's been an uphill battle, but this is a huge step in the right direction.”
Yorkville, which has other unfinished subdivisions sitting stagnant, can move quickly when similar opportunities arise, Golinski said. Bank of America filed a foreclosure lawsuit against the subdivision’s original developers in 2008, according to Chicago Real Estate Daily.
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“I'm confident that other investment groups will follow Avanti's lead and start investing heavily in Yorkville,” Golinski said. “If not, they'll only have themselves to blame several years from now. “
The new owners plan to sell bits of the subdivision off to homebuilders, with the first finished lots possibly going to builders after June, according to Chicago Real Estate Daily.
Editor's note: A news release from Avanti Properties Group is attached to this article as a PDF.
