Work resumes on Tuscany Woods in Hampshire

A North Aurora firm that specializes in "turning nonperforming loans into income-producing assets" has set its sights on its latest project - the unfinished Tuscany Woods subdivision in Hampshire.

Gladstone Special Asset Solutions has been hired to finish construction on roughly 290 remaining homes - nearly 60 are already completed - as well as manage, market and sell the homes, said Adam Dontz, vice president of acquisition and government relations for Gladstone.

As well, Gladstone, will work with the village of Hampshire to monitor annexation and development agreements that transpired under the previous developer.

Work has already begun on finishing partially completed homes and the sales office is expected to open the first week of March.

Park National Bank owns the property and brought Gladstone on about a week ago to finish the job.

Construction came to a halt at Tuscany Woods last summer after the bank foreclosed on a portion of the land that was being developed by Pasquinelli Homes.

"Park National Bank made a decision to foreclose and take back the subdivision from Pasquinelli," Dontz said. "What we are now doing is working with the bank to mitigate or lessen that risk."

A total of 342 homes are planned for this 119-acre portion of the 410.5-acre subdivision on Route 72, three miles west of Route 47.

Another piece of property that also is part of the development remains in litigation, Dontz said.

Hampshire and Gladstone are now deciding how the company will proceed with making public improvements and the remaining build-out.

Although Tuscany Woods is one of the largest developments in Hampshire, it is no more crucial than any other project, Village Administrator Eric Palm said.

"I would say all of our developments are important," he said. "The village prefers to see developments built out, as opposed to tumbleweeds rolling through open spaces."