Residents, bank stay confident in project

A luxury condo and townhouse development in downtown Glen Ellyn still remains largely vacant.

But officials with American Chartered Bank, which took over The Mews of Glen Ellyn from developer John Vivoda, remain hopeful that sales will pick up.

"We hope to be able to sell all of the units at some point in time," said Robert Noel, a senior vice president with the Northbrook-based bank. "We feel confident enough in the market out there and, given the type of product it is, that it (The Mews) will hold its value."

Bank officials say Vivoda's company, Regent Street LLC, still owns the property at 460-470 Pennsylvania Ave.

Otherwise, Vivoda, a Glen Ellyn resident and past president of the Glen Ellyn Elementary District 41 school board, no longer is involved with the project.

American Chartered Bank has the option to foreclose on the development, Noel said.

The bank took control of the project last May because Vivoda's company wasn't able to repay the loan it took out for the development, Noel said.

To date, only 10 of the 32 units at The Mews have been sold. Because all the units are custom-built to each resident's personal choice, the 22 unsold units remain unfinished.

Despite the turn in the economy and real-estate market, Noel said, the bank isn't considering lowering the asking price for the units, which are selling for $600,000 to $1.2 million.

In the meantime, the last person to have purchased a unit at The Mews appears unfazed by the development's lagging unit sales.

Adam Simac, who moved into his $680,000 unit last August, says he loves the development because of its location and concept.

The 39-year-old said he also thinks Glen Ellyn's a great town.

"I wanted to be able to be part of a pedestrian-friendly town and utilize my downtown," Simac said. "It's just wonderful, and the concept is delightful."

Simac said his neighborhood's definitely quiet, but he doesn't mind it. In fact, he prefers it that way.

He said he plans to live at The Mews for a long time.

As for the $3.9 million Vivoda's company owed a former general contractor in the project, a Graystar Construction representative said the company hasn't been paid.

Mark LoCascio, Graystar's chief financial officer, said the company has a pending lawsuit against the property.

"We filed additional suits against American Chartered Bank," he added.

Noel declined to comment about Graystar because of the ongoing litigation.

Vivoda and his attorney didn't return several telephone messages.

LoCascio said he is confident Graystar will get its money back sooner or later.

"We'll prevail eventually," he said. "It's just a matter of dealing with the court system. The value is still there in the property."

The Mews received final approval from the Glen Ellyn Village Board in May 2005.