McElwain tells GlobeSt.com he expects the market for his $400,000 to $600,000 units in the gated community to come from a 15-mile radius of the project, just as it has for Sutton Park, located on both sides of Northwest Highway a few miles north of the proposed development. "I've got a lot of people ready for it right now," McElwain says, including current owners at Sutton Park. Resales of Sutton Park units already are closing, McElwain notes, adding owners are seeing 10% increases in value.
McElwain, who has built three single-family subdivisions in Palatine in addition to Sutton Park, tells GlobeSt.com he hopes to begin construction this fall, with the build-out expected to take about two years. The village board is expected to grant its blessing next week.
McElwain told the village board's community and economic development committee he and his wife Kimberly spent "four or five months" designing Maison Le Comte. The result, says attorney James Lennon, was a European style design with brick, stone and stucco facades. Keith Lacy of Barrington Engineering is also involved in designing the gated community.
"What we're trying to do here is build a product that will sell in Palatine," McElwain says. "We truly believe this product has a market and will have a quick sell and a quick build-out."
The townhouses will be built east of Little City Foundation, a residential facility for developmentally challenged adults and children, and west of the Williamsburg office park in the neighboring village of Inverness.
McElwain says he is talking with America United Bank, which financed Sutton Park, about Maison Le Comte.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.