Glenwood sells 20 lots in Villas of Glenwood for $1M

2014-05-31T00:00:00Z Glenwood sells 20 lots in Villas of Glenwood for $1MPaul Czapkowicz Times Correspondent
May 31, 2014 12:00 am  • 

GLENWOOD | The Village Board has approved the sale of village-owned property, most notably 20 lots in the Villas of Glenwood, for about $1 million.

The Villas of Glenwood subdivision is on Glenwoodie and Heartland drives by the village-owned Glenwoodie Golf Course.

The village had purchased the 20 lots in November.

"The intentions of the village were to acquire it for parking and really nothing more," Village President Kerry Durkin said.

While the village intends to sell the 20 lots, two additional lots are not being sold to allow for overflow parking for the golf course and clubhouse.

The village will receive $1,050,000 once the sale to Hyatt International Realty Inc. is completed.

"Basically what we're getting is what we paid for it," Durkin said.

Of the lots involved in the sale, 13 are vacant and the other seven contain units in various stages of completion.

The Village Board also approved a commercial sales contract for the property at 760 Holbrook Road.

Durkin said the property was the former home of M&M Roofing.

The village purchased the property about a year and a half ago for $140,000, Durkin said.

The sale to Architectural Properties Inc., is for $107,500, although the village had been collecting rent from a child care business still located in one of the two buildings on the property.

Durkin said the village had purchased the lot to control the corner located across from Walmart. But multiple owners at that corner make unification there difficult and it is debatable how much the property will be worth once Walmart proceeds with its announced intention of moving to Homewood.

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