After more than a year of inactivity, the Remington Glen development in St. Charles will move forward under new ownership.
The activity signals what appears to be a bit of a warming in the Tri-Cities home-building market, including the multi-family category. Sho-Deen Inc. recently and is adding apartments, as well.
The Remington Glen property, located near Peck Road and Route 64, fell into foreclosure in 2010. A few weeks ago Chicago-based Meritus Homes acquired the property and will begin selling townhomes next month. The new developer plans to build 33 townhomes priced from the upper $100,000s. Approximately two-thirds of Remington Glen’s original 100 home sites had been sold before Meritus Homes took ownership of the remaining land and the rights to develop, the company announced Thursday.
As long as Meritus Homes sticks to the original design of the development they can begin construction without having to go through a city council approving process, said City Planner Matt O’Rourke. The company will still have to apply for the building permits, which they have not yet done though, he said.
Brian Brunfoher, president of Meritus Homes, said the plans have been updated to reflect current building codes and city requirements and expects sales to begin next month. Project construction could begin within 45 to 60 days, he said.
“I think everyone in the area is excited to know an established builder like Meritus Homes is coming into the area and taking control of the property to finish it the right way,” Brunhofer said in a release.
The planned townhomes measure 1,645 to 2,020 square feet with two or three bedrooms, two baths and an attached two-car garage.
Although there is a large inventory of available housing in St. Charles Brunhofer said he is confident the new townhomes will be desirable to perspective buyers.
In early 2011 to cover the cost of completing public safety improvements in Remington Glen. The original developer had promised to complete several projects before the property fell into foreclosure. The projects included finishing public roads, sidewalks and storm sewer work. After spending more than a year trying to get the builder, and subsequently the bank, to complete the tasks, the city of St. Charles decided to act on its own.
Remington Glen borders the Corporate Reserves development, which is currently . Aldermen will continue discussions with the developer of that multi-family development next month.