K Hovnanian Withdraws from Timber Trails East Bid
The homebuilder has removed themselves as a contract purchaser for the eastern Phase 1 of the beleaguered housing development.
In the latest development in the saga of Timber Trails, the former golf course turned into a quarter-finished housing development, potential developer K Hovnanian Homes has withdrawn barely a week after presenting their vision to the Western Springs Planning and Zoning Committee.
“It wasn’t related to a lack of interest in the property at all,” said K Hovnanian Land Acquisition Manager Scott Barenbrugge. “We’re disappointed that we can’t more forward right now, but someone will move forward eventually.” He said the company was still interested in the subdivision.
Barenbrugge declined to give specific reasons for the change, but said it was not related to the mixed-to-negative reaction that the plan received from Timber Trails residents at the Planning and Zoning Committee meeting. Residents were largely concerned that the new plans would deviate substantially from what they originally bought into.
The K Hovnanian plan as presented would have completed the eastern half of Timber Trails with single-family homes and townhomes ranging from $300,000 to $1 million.
This news comes on the heels of Openlands’ announcement that they were forced to withdraw from their contract to purchase Timber Trails Unit II, the western unit, due to insufficient funds.
Mouse
1:40 am on Sunday, June 17, 2012
Repeat after me: Boon Doggle.
Joseph R. Martan
11:28 am on Monday, June 18, 2012
Also proves the houses were bought on speculation - and the owners are trying to recoup a bad investment.
TT Resident
4:49 pm on Wednesday, June 20, 2012
Excuse me sir, but that is an extremely insulting, and grossly uninformed (and frankly ignorant) statement!
90+% of residents planned for Timber Trails to be their final "dream home"! Read the original literature (or anything for that matter) if you desire speak intelligently on the matter.
Thank you.
Joseph R. Martan
5:06 pm on Wednesday, June 20, 2012
You people in TT object to any construction that isn't equal to or greater in price than what you paid for the McMansions. You object to any idea of a nature preserve in the remains of the golf course. Clearly, the only concern is property value - you don't want to mix shoulders with the "common people." Move to a gated community on the North Shore.