More homes could be coming to Schaumburg after District 211 sells land

  • An aerial view of the land Palatine-Schaumburg High School District 211 sold to M/I Homes of Chicago Thursday.

    An aerial view of the land Palatine-Schaumburg High School District 211 sold to M/I Homes of Chicago Thursday. Courtesy of Palatine-Schaumburg High School District 211, 2017

  • The north end of the 62-acre property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching between Summit Drive and Plum Grove Road north of Wise Road in Schaumburg.

      The north end of the 62-acre property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching between Summit Drive and Plum Grove Road north of Wise Road in Schaumburg. Eric Peterson | Staff Photographer, 2016

  • The southern end of the 62-acre property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching from Summit Drive to Plum Grove Road north of Wise Road in Schaumburg.

      The southern end of the 62-acre property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching from Summit Drive to Plum Grove Road north of Wise Road in Schaumburg. Eric Peterson | Staff Photographer, 2016

  • The southern end of the 62-acre unused property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching from Summit Drive to Plum Grove Road north of Wise Road in Schaumburg.

      The southern end of the 62-acre unused property sold by Palatine-Schaumburg High School District 211 to M/I Homes, stretching from Summit Drive to Plum Grove Road north of Wise Road in Schaumburg. Eric Peterson | Staff Photographer, 2016

 
 
Updated 3/16/2018 8:13 AM

Palatine-Schaumburg High School District 211 soon will have an additional $20.5 million in the bank and a lot less lawn to mow after the school board's unanimous vote Thursday to sell 62 vacant acres in a Schaumburg neighborhood.

The buyer and highest bidder for the land was Naperville-based M/I Homes of Chicago LLC, fulfilling the village of Schaumburg's preference for residential development on the site.

                                                                                                                                                                                                                       
 

District 211 bought the land bordered by Summit Drive to the west, Plum Grove Road to the east, Wise Road to the south and existing houses extending from Weathersfield Way to the north more than 47 years ago for a potential new school that was never needed.

Determining a fate for the site was made a priority by the district's new strategic plan in 2016. The school board voted 6-1 last October to start advertising the sale of the land, and solicited bids earlier this winter.

The three lower bids received were $20.1 million from Pulte Home Company LLC of Schaumburg, $17.7 million from Nitti Development LLC of Glendale Heights and $12 million to $13 million from the Schaumburg-based division of Taylor Morrison.

Though Thursday's vote represented the final required school board action for the sale, the closing is not expected until January.

Though District 211 has already completed environmental testing of the site, M/I homes needs to do its own during a 120-day verification period. This will then be followed by a 180-day approval period, district officials said.

Though the village of Schaumburg will be the entity to approve any construction on the site, the village's Community Development Director Julie Fitzgerald said M/I Homes has not yet submitted any plans for its use of the land either formally or informally.

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