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Big Boy Developers have already landed!

(5 posts)

  1. KimJ
    Member

    Don't let these guys cry poor, they know exactly what they are doing.
    The Big Boys have arrived, and there are plenty more to come.
    We are not savvy enough to take these guys on. Which of our trustees has experience on this level? We have gotten burned, will get burned again. Don't fuel this with millions. They want this TIF!

    ARCADE:
    http://www.chicagosuburbannews.com/hinsdale/news/x151512682
    Ultimately, the project will feature 93 condominium units and 26 townhomes.
    Condominium prices start at $400,000 each and townhomes are individually listed at $700,000, according to the Web site.

    http://www.suburbanchicagonews.com/plainfieldsun/classifieds/homes/276682,6_8_CJR2_STONEBRID_S1.article
    Stonebridge Woods, which has been planned for a total of 72 luxury single-family homes and 80 deluxe villas, is an enclave located south of 159th Street and west of Parker Road in Homer Glen. Wexford offers eight floor plans as well as custom design-build opportunities at this community, where prices start in the $700,000s.

    UPDATE: Lafayette Downtown Undergoes Renaissance - Newsroom ...Lafayette, Ind. —“ April 14, 2005 —“ Construction of Renaissance Place is underway. The $25 million, three-building project of Lafayette's Wexford Development ...
    www.insideindianabusiness.com/newsitem.asp?id=13484 - 27k - Cached - Similar pages

    HENNINGER'S VC:
    http://www.provencalbuilders.com/

    Posted Friday Apr 13, 2007 09:28 #

  2. Catherine
    Member

    Gee, Wexford is awfully busy for a company that cannot afford to finish the Arcade job without a government handout, aren't they? They obviously know suckers when they see them.

    Posted Friday Apr 13, 2007 09:31 #

  3. spatny
    Member

    And these dolts think they are going to influence these developers with some paltry after-the-fact commitment. Probably just like they did when they "took advantage of" poor Provencal Builders and charged them $15,000 for the alley and $5,000 a space for the parking they should have provided on site. But they made it up to them with the fourth floor variance, so I guess they can sleep at night. What fools. Wexford gives them some song-and-dance and stalls along and they will bend over backwards to do what the Big W wants. Mark my words, there will be another permutation to that project that will extend eastward. Just wait and see. The Arcade Renaissance project will arrive when the money is ready.

    Posted Friday Apr 13, 2007 11:04 #

  4. mjvolo
    Member

    Kim,

    I don't think the Indiana guys are connected to this Wexford.

    But the big one you misssed is who the money behind Wexford Homes, LLC.

    It is WexTrust: www.wextrust.com

    Real Estate, Specialty Finance, Investment Banking and Alternative Investments. These guys eat Village Trustees and local attorneys for breakfast. They are highly sofisticated and knew what they were doing when they got into the Arcade Building.
    Guys like these don't make $1 million mistakes. They just want Riverside to pad the return by an extra million. And why not if the money is there?

    Posted Friday Apr 13, 2007 12:38 #

  5. Elisa
    Member

    Even if the Wexford in Indiana isn't the same animal, I'd like to point out that downtown Lafayette (my hometown) was in desperate need of revitalizing. Beautiful old homes from the 1800s that were chopped up into seedy apartments, a somewhat deserted downtown, empty storefronts - that's a place where big gun development is/was vital to the community. I am amazed at how improved their downtown is. Riverside does not have the same kinds of issues. There is a time and a place for TIFs, no doubt, but Riverside (in my opinion) is not the place and it's really not the time.

    Posted Friday Apr 13, 2007 13:14 #

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