Sale of Libertyville park for townhouse development delayed again
The long-planned sale of a Libertyville park for residential development again has been delayed, but the deal is expected to be finalized next month.
Village officials Tuesday approved the 10th change to a real estate contract with Swanson Development LLC of Lake Forest for the property and facilities that comprise Bolander Park, 625 Winchester Road. The closing date for the $2.05 million sale has delayed about a month until Oct. 28, as a new investor has become involved.
Swanson is pursuing plans for an upscale development of 56 townhouses on the 5.3-acre site. The developer requested the extension because the original investor, Rialto Homes, is being replaced by K. Hovnanian Homes, according to the village.
"Because of the change in partnership, K. Hovnanian wanted the project fully approved before they go to development," said Heather Rowe, the village's economic development coordinator.
The village board informally approved various aspects of the development plan and is expected to adopt the enacting ordinances on Oct. 13 or Oct. 27.
Swanson and the village originally signed the sales pact in November 2013 but site inspections and the need to investigate and address contaminated soil on the property have resulted in delays. The former Bolander construction facility, which includes a ranch-style office building, was acquired by the village in 1998.
Park administrative offices, some programs and an outdoor, all-season hockey rink, were located at Bolander. But officials about three years ago decided to sell after determining the facilities were underutilized and would be too expensive to repair.
The parks staff as well as dance and preschool programs have been relocated to the Libertyville Sports Complex at Route 45 and Peterson Road, and the rink has been dismantled and the hockey boards stored.
An advisory committee has recommended the rink be relocated to Butler Lake Park. The location is under review by the Illinois Department of Natural Resources, according to parks chief Connie Kowal. Because of the timing, there likely will be no outdoor winter hockey facility available, Kowal added.
As part of the extension, Swanson agreed to pay the village about $7,000 in interest for the delay. K. Hovnanian, which is completing projects in Lake Forest and Wheaton, will provide the backing to close the sale and deal with the environmental issues that have "troubled" other interested parties, Swanson informed the village.
A remediation proposal is under review by the Illinois Environmental Protection Agency, according to Rowe.
She said housing of this nature is limited in Libertyville and expects high demand, particularly because of the proximity to the Metra station and downtown.
"We've referred a number of people to him already, people inquiring about the availability," Rowe said.