Hanover Park's Church Street Station development sees new life

When Neumann Homes announced it was broke 2½ years ago, the company silenced its bulldozers and left 15 unfinished suburban neighborhoods in its wake.

If the homebuilder's October 2007 bankruptcy filing proved to be an early sign of the economic downturn, perhaps activity in Hanover Park points to recovery.

Columbus, Ohio-based M/I Homes has purchased the Church Street Station development across the street from the Metra station; it will pick up where Neumann left off, building the remaining 66 townhouses in the 120-unit development.

The landscaping, sidewalks and asphalt work current residents have been eagerly awaiting also will be finished.

"People can rest assured it will look a heck of a lot better," said Ron Martin, area president of the M/I Homes Chicago division. "We agree it's in the best interest of M/I Homes, the village and existing homeowners to quickly address some of the aesthetic issues from the original phase."

Once Neumann left, the village stepped in and finished required public improvements, including water, sewer and storm detention. Crews also eliminated some of the more obvious eyesores such as massive mounds of dirt, Community Development Director Patrick Grill said.

Work affecting the existing townhouses must be complete by July, according to an agreement between the developer and Hanover Park. Construction on the models is expected to begin in March.

M/I Homes entered the Chicago market about two years ago and now owns developments in Aurora, Winfield and Elgin. Two more are in the works. Martin said the company has less debt than many of its local peers, allowing it to acquire Church Street Station with approval from the bankruptcy court.

Prices are still being finalized, but Martin said the three-story townhouses could range in price from the high $190,000s to low $200,000s. That's significantly less than the price tag Neumann marketed back in 2006, which maxed out at $326,000.

The units will range in area from 1,579 square feet to 1,910 square feet and include two or three bedrooms, two baths and two-car garages. They'll have a slightly different looking exterior than the Neumann-built structures.

Grill anticipates meeting with Church Street Station residents soon to introduce M/I Homes, which already opened its sales office.

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