Plagued by delays since it was first proposed in March 2006, construction on a 10 townhome development slated for the northeast corner of North Herbert Road and East Burlington Street in Riverside will begin this week.
Eric Sundstrom, who owns the property, said last Friday that construction is ready to commence and that five of the townhomes could be ready for sale by early 2008. According to Sundstrom, construction of the 10 units will begin on the eastern half of the property and will be phased in over time. Sales of the first five units will determine the time frame for the construction of the second five units.
The townhomes will be larger than the standard type, anywhere from 3,000 to 4,000 square feet, and will provide underground parking and four levels (including an English basement) of living space. Sundstrom said the units, at least three of which will include an elevator, will list for roughly $700,000. Upgrades to the units could push the prices higher.
“Phase one should be ready for sale by February,” Sundstrom said.
The all-brick development will be built by Hinsdale-based Northridge Builders. Marketing of the units is being focused heavily toward older buyers looking for maintenance-free living, hence the elevators and interior staircases that are not as steep.
A sales brochure provided by Sundstrom notes that the design was completed “keeping the 40+ generation in mind.”
The fact that work on the development is finally happening is a relief for Sundstrom, who proposed the development in March 2006, hoping for occupancy this summer. But zoning matters kept delaying village approval of the project. The village board finally gave its OK on a special use ordinance that will allow vehicular access to both Herbert Road and Burlington Street in December of 2006.
Sundstrom had hoped to begin construction this past spring, but was held up by the Metropolitan Water Reclamation District, which took 60 days to approve plans for a three-cistern storm water relief system. The MWRD gave its blessing on July 2, said Sundstrom, allowing construction to move forward.
In addition, a soft real estate market and tighter lending practices by banks contributed to the slow start of the project.
“The market has become tight,” Sundstrom said. “People are not buying on speculation. Most people buying now are planning on living there. The other main thing is banking has done a 180-degree turn on how they’re dealing with construction and loans. Now they’re putting developments under a microscope, projecting what sales will be and making certain demands. It’s a totally different animal.”
In the meantime, the fenced-off construction site has become something of an eyesore, with pools of water in the holes once occupied by apartment buildings demolished last year in anticipation of construction last summer.
“That was a mistake,” Sundstrom said of the decision to order demolition of the buildings. “We should have just had the properties, with tenants giving us rent. But it was based on the village giving us approvals quicker than they did.”
Since just the eastern half of the development will be completed during the first phase of construction, Sundstrom said that the western portion of the property will be graded and landscaped with sod.
“We’ll keep it green space for the time being,” Sundstrom said.