Colliers exec leads group buying suburban country club property for redevelopment

Previous efforts to build a residential community on the 127 acres in Northbrook have failed

Chicago /
Apr.April 11, 2018 09:00 AM

The former Green Acres Country Club in Northbrook (Credit: Facebook)

A group led by a Colliers executive is buying the shuttered Green Acres Country Club in suburban Northbrook, hoping to succeed in redeveloping the sprawling grounds where others have failed.

Village leaders in the past successfully opposed big residential developments that had been planned at the 127-acre property on Dundee Road just off the Edens Expressway, according to Crain’s. It is now zoned for open space.

Since the club went on the market in 2016, Swanson Development of Lake Forest and Farpoint Development of Chicago backed out of deals to buy it after they couldn’t secure village approval for residential development on the property.

Now, David Kahnweiler, non-executive chairman of Colliers International/Chicago, has stepped in. He told Crain’s he’s going forward with the purchase without getting village approval of any redevelopment plans. Kahnweiler is vowing to work with community officials to find something both sides can accept. The deal was expected to close Friday.

Kahnweiler’s group, which includes partner William Fausone, president of Colliers International/Chicago, is believed to be paying less than the roughly $20 million owed on the property, including fees and accrued interest, according to Crain’s.

JPMorgan Chase holds a $15.8 million mortgage on the property from 2016, according to Cook County records.

Village officials want to preserve the property as open space, saying a residential development will bring in more children to a district whose local schools are already strained. [Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
Industrial deliveries hit a nearly 2-year high in the second quarter.

Developers pounce on hot Chicago industrial market as new deliveries soar

Developers pounce on hot Chicago industrial market as new deliveries soar
It was the sixth straight quarter in which vacancies fell. (Credit: iStock)

How low can they go? Chicago-area industrial vacancies hit 18-year low

How low can they go? Chicago-area industrial vacancies hit 18-year low
From left: Jake Ehrenberg, Michael Heaney, Shannon Pope, and Scott Brandwein

Movers & Shakers: JLL adds Brandwein, Ehrenberg, Pope and Owens

Movers & Shakers: JLL adds Brandwein, Ehrenberg, Pope and Owens
WeWork hits the summit of Downtown Chicago’s office landscape

WeWork hits the summit of Downtown Chicago’s office landscape

WeWork hits the summit of Downtown Chicago’s office landscape
Colliers hires Chris Irwin to lead new retail sales and leasing operation

Colliers hires Chris Irwin to lead new retail sales and leasing operation

Colliers hires Chris Irwin to lead new retail sales and leasing operation
Corporate Makeover: Ulta Beauty expanding suburban headquarters

Corporate Makeover: Ulta Beauty expanding suburban headquarters

Corporate Makeover: Ulta Beauty expanding suburban headquarters
Office vacancy rises, rents hold steady amid onslaught of new inventory: report

Office vacancy rises, rents hold steady amid onslaught of new inventory: report

Office vacancy rises, rents hold steady amid onslaught of new inventory: report
Vacancies hold steady, rents tick up in suburban office buildings in 2018: report

Vacancies hold steady, rents tick up in suburban office buildings in 2018: report

Vacancies hold steady, rents tick up in suburban office buildings in 2018: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...