Four suburban Chicago builders are teaming to develop a community of 81 single-family custom homes just west of the city. They’re sharing the costs of the development process and also counting on sharing the potentially considerable financial rewards.
Airhart Construction, John Hall Homes, John Henry Homes and R.A. Faganel Builders, all of St. Charles, Ill., are working together in this undertaking. The final product will feature a mix of home sizes and styles specifically suited to each builder’s specialty and niche.
John Hall Jr. of John Hall Homes says all of the River’s Edge builders have worked with one another. "We all offer different things yet work together well."
The four also have important similarities, adds Court Airhart of Airhart Construction. "All of us share a commitment to setting a higher standard and are here for the long haul. In fact, three of the builders have the second generations of their families heavily involved in the day-to-day business. Working together at this location will enable us to provide an architectural mix that will only add to the character of the community."
The 81-acre parcel was too good for any one of the builders to pass on, and sharing the initial purchase price was a great way to minimize risk with little or no expected effect on profit margin. If preliminary buzz around the community is any indication, this joint venture will bring a healthy profit for all involved.
"The half-acre home sites, city sewer and water service, proximity to schools and the downtown business district, as well as the ability to have a prestigious St. Charles address, are all expected to be among River’s Edge strongest selling points," says Dave Faganel of R.A. Faganel Builders.
"It’s a spectacular west-side location wholly within both the city limits and the highly acclaimed St. Charles School District," Airhart says. "In fact, the high school is within walking distance."
More than simple profit margin, these builders are looking forward to having a hand in the entire process and seeing it through to final fruition.
"Unlike most multiple-builder projects, where one develops the property for all, each of us has been involved in the different aspects of the land development at River’s Edge and therefore has had more control over the quality," says John Cebrzynski of John Henry Homes.
Sales are under way on the first 40 home sites, each of which is one-half acre or larger. All have 120-foot frontages amenable to attached, three-car, side-load garages. Phase I, bordered on the west by historic Red Gate Farm, will be followed by Phase II sales (41 remaining home sites), scheduled to open in November 2001.
Though the homes will be custom-designed and -built, all will feature a minimum of 2,800 square feet of living space and be available in ranch, first-floor master and two-story styles. Most will offer four to five bedrooms and at least 21/2 baths. Prices for lot-plus-home packages are expected to start from the high $400,000s.
Fifty percent of the entire parcel has been set aside for open space, including a 3-acre park controlled by the St. Charles Park District.