Keyur and Megha Trivedi are planning to expand a portion of their record-setting Naperville estate into a luxury residential development.
The Trivedis, who set a DuPage County real estate record last year with their $8.1 million purchase of 222 West Van Buren Avenue in Naperville, have gained approval to subdivide the eastern portion of their one-acre estate into four homesites, the Chicago Tribune reported.
Naperville-based Lakewest Custom Homes will develop the subdivision, called “The West End,” with two corner homes priced at $3.2 million and two central lots at $3 million. They will feature high-end amenities such as elevators, fitness centers and rooftop entertainment spaces with views of downtown Naperville.
The Naperville City Council approved the subdivision this summer.
The Trivedis paid a little over $8 million to buy the house, but seller Jane Brooks took home $7.4 million, with $5.4 million accounting for the mansion and 0.55-acre lot, plus $2 million for the adjoining 0.47-acre parcel. The remaining $651,000 was paid as an auction fee.
The husband-and-wife duo plan to preserve the residential charm of downtown Naperville while adding high-end homes to attract affluent buyers interested in combining luxury with urban convenience.
They purchased the adjacent land to ensure it would not be developed into commercial property, listing agent Katie Minott said.
“They really love their home being so close to downtown and so close to that energy, and they started playing around with the idea that other people would find the same value downtown. It’s kind of an unparalleled location,” she said.
The Naperville luxury market has been active this year. For example, a mansion with a nine-car garage and a two-story apartment hit the market for $10 million this summer.
— Andrew Terrell
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