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000 Huntley Road

West Dundee, IL 60118
  • $2,250,000
  • STATUS: Active
  • ON SITE: 609 Days
  • MLS #: 11036109
UPDATED: 8 min ago
$2,250,000
  • 0
    BEDS
  • 19.3
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS

School Information

School District:
300

Description

Priced on a MF PER UNIT BASIS REMARKABLE INFILL DEVELOPMENT OPPORTUNITY LOCATED IN THE HEART OF WEST DUNDEE, nearly adjacent to Springhill Mall. 19.3-acres An ideal infill site for a new higher density residential development or possibly a senior or age restricted facility. 20-acres of Dundee Township Park land is adjacent to the west. The zoning for this property is in the process of being changed by the village of West Dundee, from B-2 commercial to multiple family, in response to the proactive measures being considered by the village to stabilize and rejuvenate the nearby Springhill Mall complex. The current commercial zoning was established long ago and while appropriate at the time, the current changing economic landscapes of most regional malls (and communities) is demanding bold changes for these properties. Many malls are in the process of infusing the surrounding properties with new multiple family housing project as the malls themselves are reformatted and modernized. To this end, the village of West Dundee is currently updating the comprehensive land plan, and this property's, we are told, will be changing from commerical B-2 PUD to MF. The existing TIF district supporting the mall is also being updated, and the boundary is being recast to include this property. The new TIF status could help with public funded infrastructure improvements such as storm water management, access roads, utilities and the like. The marketing is thus modified to embrace these new game-changing developments. The former "price per acre" perspective is now based on a per (MF) unit basis, and the properties value will emanate from the targeted market rents, quality and the total number of units allowed or negotiated by the developer and the village. $15,000 per unit is the new asking price for the 19.3-acre land parcel. Estimated Unit potential 250-300 Call Mark to discuss further.

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© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Leila Keene | Baird & Warner. Based on information submitted to the MRED as of 2022-11-29T13:01:59.92 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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000 Huntley Road West Dundee, IL 60118

  • Price: $2,250,000
  • Status: Active
  • On Site: 609 Days
  • Updated: 8 min ago
  • MLS #: 11036109
0
Beds
0
Baths
0
½ Baths
19.3
Acres
Neighborhood:
Dundee / East Dundee / Sleepy Hollow / West Dundee
County:
Kane
Area:
Dundee / East Dundee / Sleepy Hollow / West Dundee
Elementary School:
Dundee Highlands Elementary Scho
School District:
300
Property Description
Priced on a MF PER UNIT BASIS REMARKABLE INFILL DEVELOPMENT OPPORTUNITY LOCATED IN THE HEART OF WEST DUNDEE, nearly adjacent to Springhill Mall. 19.3-acres An ideal infill site for a new higher density residential development or possibly a senior or age restricted facility. 20-acres of Dundee Township Park land is adjacent to the west. The zoning for this property is in the process of being changed by the village of West Dundee, from B-2 commercial to multiple family, in response to the proactive measures being considered by the village to stabilize and rejuvenate the nearby Springhill Mall complex. The current commercial zoning was established long ago and while appropriate at the time, the current changing economic landscapes of most regional malls (and communities) is demanding bold changes for these properties. Many malls are in the process of infusing the surrounding properties with new multiple family housing project as the malls themselves are reformatted and modernized. To this end, the village of West Dundee is currently updating the comprehensive land plan, and this property's, we are told, will be changing from commerical B-2 PUD to MF. The existing TIF district supporting the mall is also being updated, and the boundary is being recast to include this property. The new TIF status could help with public funded infrastructure improvements such as storm water management, access roads, utilities and the like. The marketing is thus modified to embrace these new game-changing developments. The former "price per acre" perspective is now based on a per (MF) unit basis, and the properties value will emanate from the targeted market rents, quality and the total number of units allowed or negotiated by the developer and the village. $15,000 per unit is the new asking price for the 19.3-acre land parcel. Estimated Unit potential 250-300 Call Mark to discuss further.
Exterior Features

Frontage Type City Street Lot Size 10.0-24.99 Acres Road Surface Type Asphalt Waterfront YN No

Interior Features

Basement Bathrooms YN No

Property Features

Additional Parcels YN No Building On Land No Corporate Limits West Dundee Current Use Development Farm No General Information None Mls Actual Status Active Ownership Fee Simple Rental Price 0 Special Listing Conditions None Tax Annual Amount 747 Tax Year 2021 Township Dundee Type Land Utilities Electric To SiteGas To SiteSanitary SewerSewer-Storm AvailableWater To Site Zoning Multi

Listing information © 2022 Midwest Real Estate Data LLC.
Listing provided courtesy of Coleman Land Company: 630-377-1600.


© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Leila Keene | Baird & Warner. Based on information submitted to the MRED as of 2022-11-29T13:01:59.92 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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