Mt. Prospect housing project rescued from foreclosure by new developer
One of the casualties of the economic downturn of the last decade was a custom row home development across the street from Mount Prospect’s village hall.
The promising Founders Row development on Emerson Street, which received zoning approval in 2005 ultimately foundered on the shoals of foreclosure.
But it appears that the development has new life, thanks to Igor Davydov, president of Glenview-based Compass Real Estate Services LLC, which purchased the development rights at auction.
On Tuesday, the Mount Prospect village board extended the life of the planned unit development, granting Davydov permission to complete what remains of the unfinished project.
The project called for two buildings of seven units each. An example of what was envisioned was a model that offered three bedrooms, three-and-a-half baths, a two-car garage and 4,446 square feet spread over four levels.
The first building is already complete, with two of the units already occupied. Davydov is remodeling the remaining five units in the first building — four already under contract, while another one serves as a model unit. He then plans to complete the second building.
In amending the planned unit development ordinance, trustees treated Davydov as though he were a scientist who had resurrected an extinct species.
“I think this is a great project. I thought it was a great project (under the original petitioner, Norwood Builders),” said Trustee Paul Hoefert. “The economy turned south on us.
“There is a God, because Randhurst was dead, and in steps a developer with no projects of that magnitude ... how great is that? And this thing stalls, and then you step in.”
“We don’t do it just for the fun of it,” Davydov told the board. “We usually get involved in projects like this to make money. This is a profitable enterprise for us.”
After his presentation, Davydov said his firm looks for development opportunities all over.
“This just happened to be one of the great opportunities that came up,” he said.
He said he has done projects in Bartlett, in Chicago and Plainfield. He said he is starting a project in Palatine.
He said he sold four units in the first building in three weeks. Most units sold for around $600,000.