Developer of Rolling Meadows, Arlington Heights homes sells to another builder
Two home building projects at prominent locations in Rolling Meadows and Arlington Heights are expected to continue unimpeded despite the sale of the projects from one developer to another, officials said Friday.
Columbus, Ohio-based M/I Homes has acquired the Chicago area land assets of Scottsdale, Arizona-based Taylor Morrison, which includes the planned townhouses on the former Dominick's property in Rolling Meadows and the Sigwalt 16 townhouses on a portion of Block 425 in Arlington Heights.
M/I's local suburban office, based in Naperville, is now in the permitting process in both Rolling Meadows and Arlington Heights to switch over the company names, but it won't result in any construction delays on either project, according to Marc McLaughlin, M/I's land acquisition manager.
No additional approvals from the elected boards are needed, as the two developments will remain the same, said McLaughlin, who has been the point person on the projects under both developers.
Taylor Morrison broke ground last summer on the 9.5-acre Kirchoff Road site in Rolling Meadows, where plans for the 106-unit Meadow Square townhouse development were approved by the city council last April. Crews have been working on underground utilities, while construction of home foundations is expected in the spring, McLaughlin said.
A model home could be complete by July, he added.
On the west side of downtown Arlington Heights, M/I will build 16 townhouses within a total of three buildings, situated along Sigwalt Street between Chestnut and Highland avenues. Arlington Heights trustees approved the project last July.
Construction is set to begin in April, with a model building complete by August, McLaughlin said.
While Taylor Morrison is exiting the Chicago market, the homebuilder is expanding westward into Washington, Oregon and Nevada with its acquisition of William Lyon Homes in a $2.5 billion deal announced Thursday.