Time Capsule - National Builder Bankruptcy 189 Units
Incomplete Subdivision - Originally Planned 189 Units & Commercial Pad
Marketing description
ACO Commercial is pleased to offer for sale this incomplete subdivision which was the second phase of Shepherds Point located in Zion, Illinois. Originally planned and developed by a national home builder, the site was the subject of bankruptcy proceedings in and around 2008, at which time construction wad halted. The site was acquired by the current owner, who completed the construction of 10 units, further enhancing the original plan with new roofing, exterior stone veneer, while making upgrades to HVAC, garage door system and interior finishes.
The opportunity consists of (40) separate parcels totaling approximately 17 acres. This Planned Development was previously approved for 189 residential units and a commercial pad at the NW corner of 21st St. and Kenosha Rd. The site has been improved with infrastructure, including roads, water and sewer with several foundations poured. Ten residential units have been completed in conjunction with the original development plan as (2) 5-unit buildings. A developer may utilize the site's existing infrastructure to work toward a completion of the original plan with revisions, or develop a new plan capitalizing on the in-place improvements.
Recently plans for the relocation of the entrance to the subdivision have been put into place as part of the widening and traffic signal installation at the intersection of 21st Street and Kenosha Road. The relocation of the entrance will likely necessitate a revision to the original development plan.
Unit Mix (10 Completed):
(2) - 2Bed/2Bath/Bonus
(4) - 2Bed/1.5Bath/Bonus
(2) - 2Bed/2.5Bath/Bonus
(1) - 1Bed/1.5 Bath/Bonus
INTERIOR VIRTUAL TOUR LINKS
2000 Liberty Lane (2Bed/2Bath/Bonus/Sales Office): https://my.matterport.com/show/?m=rG7yHxAvbif
2004 Liberty Lane (2Bed/2.5Bath/Bonus): https://my.matterport.com/show/?m=2gTNLRC9LeF
The site is vacant and secure with alarm systems on the vacant units. Please see virtual tour of completed units and flyover video.
NOTE: Previously approved plans and municipal approvals may require revision/update with municipality in conjunction with relocation of subdivision entrance.
This is an exceptional opportunity. Please contact George Toscas or Linda Hattar to arrange a site visit.
Investment highlights
- Infrastructure largely in-place to expedite construction
- Priced significantly below replacement cost (Assuming $150k per completed unit, land basis only $1.5 Million)
- (10) Units Completed
- All Units have 2-Car Garage and Bonus Room
- Sales Office Constructed in garage of 2000 and 2002 Units
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