M/I Homes gears up for new projects in Illinois and Florida as it pursues development approvals and land purchases. M/I Homes Chicago division has received recommendation from an Aurora City Council committee for a proposed 171-unit townhouse development.
The Planning and Development Committee voted 3-0 to recommend the development for 25 acres in the southwest corner of what is known as the Brach-Brody property.
It is considered a key piece of property along Route 59 in Aurora. The 25 acres is owned by the Indian Prairie School District, and was once considered as a site for a new high school. That school was built further north so the school district wants to sell the land.
M/I Homes said the development would be a mix of two- and three-bedroom townhomes, each with two-car garages. There would also be about a one-acre park on the site.
In Florida, M/I Homes of Sarasota LLC recently paid $6.25 million for 90 acres of land east of Interstate 75 where it plans to build 170 single-family homes and villas.
The proposed development, called Hidden Creek, will include a “significant portion” of homes set aside as attainable housing under county guidelines, the company said. Prices will range from the mid-$200,000s to high $300,000s, the builder said.
“We are proud to bring attainable housing to the area and will, based on the county’s affordable guidelines, offer home ownership with monthly payments similar to, or even less than, rents in comparable sized homes,” sales and marketing manager John Sackett said in a statement.
M/I bought the land, three miles east of I-75 at 9105 Fruitville Road, in late December from Sarasota Land Developers LLC, a company headed by Douglas J. Weiland of Palm Harbor and Robert L. Koontz of Bradenton, county records show. Sarasota Land acquired the property for $2.39 million in March 2016.
The purchase comes a month after M/I bought 67 acres east of I-75 and south of Clark Road for $7.9 million for a community of 107 single-family homes called Rivo Lakes.
Homes in that Tuscan-inspired community will be pricier, with sizes ranging from 2,291 to 5,000 square feet and priced from the $400,000s to the $700,000s.
Those two are among five communities the company will open this year in the Sarasota-Manatee region.
Reported by Chicago Tribune (Jan. 31, 2018) and The Herald-Tribune (Jan. 26, 2018)
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