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Redfield to Redevelopment Libertyville, Illinois

Discover the journey of transforming a foreclosed property into a thriving community in Libertyville, Illinois. Learn about the innovative approach and successful outcomes.

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Redfield to Redevelopment Libertyville, Illinois

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  1. Redfield to Redevelopment Libertyville, Illinois John Spoden, AICP, Director of Community Development, Village of Libertyville John McLinden, StreetScape Development, LLC

  2. DEFINITIONS Greenfield – development on previously undeveloped site Brownfield – development on environmentally challenged site Redfield – development on foreclosed property

  3. BACKGROUND Libertyville, IL • Located 35 miles NW of Chicago at commuter rail stop • Incorporated 1882 • Population 21,800 • Median household income $105,000 • Award-winning Main Street Community

  4. BACKGROUND TRAIN STATION SCHOOL STREET DOWNTOWN 3 MI TO INTERSTATE

  5. BACKGROUND

  6. BACKGROUND

  7. BACKGROUND

  8. BACKGROUND • 1970s – Village of Libertyville identifies School Street as key future • development site and commits to acquiring the 4 acre site • 1976 – Village purchases first house • 1976-2002 – Village systematically purchases each property as it comes • on the market • 2004 – Village issues RFP to nine pre-qualified developers to re-develop • the site • 2005 – Village selects developer based on concept of 31 Brownstones • and 12 condos in the school building • 2006 – Village approves original Planned Development • 2007 – Construction begins on infrastructure and first 5-unit building • 2008 – Village issues occupancy permits for first 5 units (4 of 5 sold) • 2009 – Bank forecloses on property – a redfield is created • 2009 – Village is approached by multiple developers about proposed concepts

  9. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support

  10. MOVING FORWARD - PRE-DEVELOPMENT

  11. MOVING FORWARD - PRE-DEVELOPMENT The “Big Idea”

  12. MOVING FORWARD - PRE-DEVELOPMENT The “Big Idea” Change development concept: townhomes single-family homes

  13. MOVING FORWARD - PRE-DEVELOPMENT

  14. MOVING FORWARD - PRE-DEVELOPMENT

  15. MOVING FORWARD - PRE-DEVELOPMENT

  16. MOVING FORWARD - PRE-DEVELOPMENT

  17. MOVING FORWARD - PRE-DEVELOPMENT

  18. MOVING FORWARD - PRE-DEVELOPMENT

  19. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support

  20. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support • October, 2009 – StreetScape enters into purchase agreement with bank

  21. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support • October, 2009 – StreetScape enters into purchase agreement with bank • February, 2010 – StreetScape files to amend the Planned Development

  22. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support • October, 2009 – StreetScape enters into purchase agreement with bank • February, 2010 – StreetScape files to amend the Planned Development • August, 2010 – Village approves the amended Planned Development

  23. MOVING FORWARD - PRE-DEVELOPMENT • January-September, 2009 – StreetScape Development, LLC envisions • new development plan and gains Village support • October, 2009 – StreetScape enters into purchase agreement with bank • February, 2010 – StreetScape files to amend the Planned Development • August, 2010 – Village approves the amended Planned Development • September, 2010 – StreetScape closes on the property

  24. CLOSING September, 2010

  25. SCHOOL STREET AT PRESENT January, 2012

  26. SCHOOL STREET AT PRESENT

  27. SCHOOL STREET AT PRESENT • Phase 1 pricing - $449,000 - $689,000 • Current pricing - $525,000 - $810,000 • 18%(+/-) price increase • Sold without model home • Ten closings to date (average - $628,673)

  28. SCHOOL STREET AT PRESENT

  29. SCHOOL STREET AT PRESENT

  30. SCHOOL STREET AT PRESENT

  31. SCHOOL STREET AT PRESENT

  32. SCHOOL STREET AT PRESENT

  33. HOW DID WE DO IT? How was the project financed?

  34. HOW DID WE DO IT? How was the project financed? • Purchase property with cash

  35. HOW DID WE DO IT? How was the project financed? • Purchase property with cash • Investor requirements

  36. HOW DID WE DO IT? How was the project financed? • Purchase property with cash • Investor requirements • zoning approval

  37. HOW DID WE DO IT? How was the project financed? • Purchase property with cash • Investor requirements • zoning approval • pre-sell 6 homes

  38. HOW DID WE DO IT? How was the project financed? • Purchase property with cash • Investor requirements • zoning approval • pre-sell 6 homes

  39. HOW DID WE DO IT? How was the project financed? • Purchase property with cash • Investor requirements • zoning approval • pre-sell 6 homes • Secure bank construction financing on • individual homes (same bank that • foreclosed on property)

  40. HOW DID WE DO IT? Real Estate 101

  41. HOW DID WE DO IT? Real Estate 101 Location, Location, Location

  42. HOW DID WE DO IT? Real Estate 102

  43. HOW DID WE DO IT? Real Estate 102 Marketing, Marketing, Marketing

  44. HOW DID WE DO IT? Big Idea #2

  45. HOW DID WE DO IT? Sarah Susanka and Not So Big

  46. HOW DID WE DO IT? Sarah Susanka and Not So Big What’s the attraction of big?

  47. HOW DID WE DO IT? Sarah Susanka and Not So Big The feeling of “Home” has almost nothing to do with size It’s a quality, not a quantity!

  48. HOW DID WE DO IT? Sarah Susanka and Not So Big

  49. HOW DID WE DO IT? Sarah Susanka and Not So Big

  50. HOW DID WE DO IT? Sarah Susanka and Not So Big Not So Big Showhouse Grand Opening held November 19, 2011 Open 12 weekends for 10 hours per weekend 5,350 visitors to date Average of 1 visitor every 1.3 minutes

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