CHICAGO—Next Generation Signature Homes has just acquired 99 home sites at Springbank, a 600-acre master-planned community in suburban Plainfield. The Wheaton, IL-based company will begin developing new residential properties at Springbank immediately and expects to begin sales in October. Although the single-family market remains relatively slow, the venture is perhaps a sign that private homebuilders are getting more comfortable launching new projects, at least ones that will offer top product in great locations.

“This community already has a lifestyle component,” Gail Payonk, Next Generation's director of sales and marketing,” tells GlobeSt.com, referring to its state-of- the-art water park and other amenities , “so I don't have to go in and build a clubhouse.” Furthermore, the company deliberately chose lots that will allow children to walk to the Aquatic Center without crossing streets, a powerful lure to young families.

Located about ten minutes from I-55 and also offering quick access to the many high-paying jobs found along the I-80 corridor, “we feel the community has a compelling story to tell,” Payonk adds, and will probably attract homeowners looking to move up from nearby Bolingbrook or Joliet.

National and regional players have dominated recently, Payonk says. And since many of the newest homes don't offer prospective buyers much flexibility in design, it's time for smaller private builders to bring some creativity to the market. “The depth of the inventory is very limited, but we're a lot more nimble than the national companies.”

The Springbank homes, which will cost between $280,000 and $380,000, “will not have a cookie-cutter design,” she adds. The developers will use seven all-new floor plans created by West Des Moines, IA-based BSB Design, and provide buyers with numerous customizable options such as covered patios, four-season rooms, and pocket offices. That flexibility will be especially important when it comes to attracting millennial buyers. “I think people are hungry for something exciting.”

The company's recent work includes 93 condominiums and 26 townhomes at The Hamptons of Hinsdale community in Hinsdale, IL, and 146 luxury apartment units at Randall Highlands in North Aurora, as well as additional properties in the western suburban area that it expects to introduce this year.

Still, many private builders remain quite cautious. “I think we all got burned in the recession,” Payonk says. “We're seeing dirt turned, but it's happening in A+ locations.” The market, however, does show signs of growing strength. K. Hovnanian Companies, LLC, for example, is currently developing Fairfield Ridge, a single-family community in Plainfield, and is selling roughly six to eight homes per month.

Next Generation acquired their new home sites through a joint venture with financing partners Turnstone Group LLC and Castlelake LP. “It's difficult as a private builder to go and find private equity for 99 homes and then start-up costs,” she says. “We're fortunate to find the right partners.”