First ILR LLC, owner of Indian Lakes resort, and property manager First Hospitality Group Inc., announce that the golf course will be permanently closed, and no longer maintained, at the end of the 2016 golf season.
First ILR announces plans, working with homebuilder K. Hovnanian, to redevelop the golf course into a 55-and-over community consisting of 535 single-family homes. The proposal would require the Village of Bloomingdale Board of Trustees to change the current zoning of the property.
The Concerned Citizens of Bloomingdale committee is formed to formalize opposition to the First ILR/Hovnanian proposal. A petition against the proposal is launched.
K. Hovnanian submits its Zoning Application, requesting the zoning change, to the Village.
Hundreds of Bloomingdale residents turn out at an event hosted by the Concerned Citizens of Bloomingdale at the Bloomingdale Golf Club to voice their opposition to Hovnanian’s plans.
First ILR and K. Hovnanian file a lawsuit against the Village of Bloomingdale, attempting to compel Bloomingdale to conduct a preliminary review. Meanwhile, the Village considers the application to be incomplete.
Read the letter from the Village to its residents dated March 22, 2018, after the lawsuit was filed.
DuPage County Judge Bonnie Wheaton dismisses the suit filed by First ILR and K. Hovnanian Homes against the Village of Bloomingdale. Village President Franco Coladipietro says, “We’re pleased with the court’s decision and that the court recognized that the Indian Lakes group needs to follow the same process as anyone else.”
K. Hovnanian submits its PUD request to the Village of Bloomingdale.
Below are links that will provide additional in-depth information.
* The First ILR plan
- February 2017. This is the plan for the new neighborhood to replace the golf course area. http://www.dailyherald.com/article/20170218/news/170218837/
- July 2016. Reasons for shutting down golf course http://www.golfadvisor.com/articles/indian-lakes-chicago-closing-15977.htm
- July 2016. Information on golf course closure http://www.dailyherald.com/article/20160722/business/160729632/
* History of the Indian Lakes Resort property
- May 1995. Rezoning of Indian Lakes. http://articles.chicagotribune.com/1995-05-26/news/9505260232_1_indian-lakes-golf-village-board
- April 1997. Indian Lakes Golf course http://articles.chicagotribune.com/1997-04-02/business/9704020157_1_hotel-partners-indian-lakes-hotel-industry
- October 1993. Indian Lakes Resort relationship with Bloomingdale. http://articles.chicagotribune.com/1993-10-14/news/9310140300_1_indian-lakes-hotel-tax-revenue-tax-rebate
* Village of Bloomingdale’s Comprehensive Land Use Map http://villageofbloomingdale.org/DocumentCenter/View/652
* Village of Bloomingdale’s Zoning Map http://www.villageofbloomingdale.org/documentcenter/view/1879
* Impact on Property Values
- June, 2000, Macalester College by Anderson: open space has a positive 20% impact on residential property values https://msu.edu/~sta/Anderson_openspace_thesis.pdf
- October, 2007, Michigan State University by Nicholls & Crompton: golf courses have a positive 25.8% impact on residential property values http://agrilifecdn.tamu.edu/cromptonrpts/files/2011/06/4_2_7.pdf
- July, 2016, article/blog: Are Golf Courses Still Good for Real Estate? by Amanda Marsh, “Last year, the National Association of REALTORS noted that a desirable public park or other recreational open space boosts the property value of nearby homes by as much as 20%.” (Note that the cited study’s range appears to have been 8-20%). http://blog.vts.com/are-golf-courses-still-on-par-in-real-estate
* Concerns about the Builder
- Reviews from other homeowners of the builder from different locations
- Wikipedia site for the builder https://en.wikipedia.org/wiki/Hovnanian_Enterprises
- Lawsuit involvements
- 2013 New Jersey Lawsuit involving builder http://www.nj.com/hudson/index.ssf/2017/06/condo_owners_awarded_9m_hovnanian.html
- November 21, 2006. Homeowner lawsuit involving builder. https://www1.gmnews.com/2006/11/21/after-10-years-builder-homeowner-settle-suit-2/
- Information about Tampa Bay area property
- March 9, 2016. Information on why builder pulled out of property. http://www.tampabay.com/news/business/realestate/major-home-builder-hovnanian-enterprises-pulling-out-of-tampa-bay-area/2268667
- March 22, 2013. Information on area before builder left. http://www.tbo.com/k-hovnanian-program-an-opportunity-for-buyers-102983
- Financial Information of the Builder
- June 9, 2015. Connection with housing market. http://investmentresearchdynamics.com/hovnanian-ushers-in-the-next-housing-market-collapse/
- Builder stock and financial information. https://www.macroaxis.com/invest/ratio/HOV–Probability-Of-Bankruptcy
- April 20, 2016. Builder financial information. https://www.moodys.com/research/Moodys-downgrades-Hovnanians-CFR-to-Caa2-outlook-negative–PR_347543
- Stock Information. http://www.marketwatch.com/investing/stock/hov
- Other Properties and Locations
- Other Properties nearby http://www.chicagobusiness.com/realestate/20141111/CRED0701/141119973/homebuilder-gets-ready-to-dig-in
- Wheaton Homes http://www.chicagotribune.com/suburbs/wheaton/news/ct-dw-northridge-estates-tl-0730-20150726-story.html
- Chicago Branch of company http://www.dailyherald.com/article/20150131/insights/150139993/