Buffalo Grove townhouse project has gone from rental to sale starting at $550,000 and has a new landowner – Chicago Tribune

Forty-one new townhomes will soon be built at Route 22 and Prairie Road in Buffalo Grove after the village council approved the new development at its recent meeting. June 17.

Projades LLC of South Barrington purchased a 4.2-acre property at 22825 N. Prairie Road in December from Bloom Street Partners LLC — which won approval last August from village leaders to move forward with a rental development.

The board voted 5-0 at its June 17 meeting in favor of an amendment for the development, called Prairie Pointe Townhomes, allowing the change of ownership, supporting plans to sell rather than rent the homes in row, the creation of a homeowners association and the improvement of the stone building. materials, covered entrances, additional room options and.

“I really like the redesign and it fits in with the surrounding communities in the area,” said Trustee Joanne Johnson. “I like the fact that they are now for sale rather than rent. We’ve had a proliferation of rentals lately…and I think this will be a good product, a nice addition.

Village President Eric Smith agreed, asking the developer why he decided to sell instead of rent the adjoining townhomes.

“One of the key factors was price,” said Projades director Ram Prashanta. “The math doesn’t work with rentals.”

Prairie Pointe townhomes will feature open floor plans, three- to four-bedroom units with 2.5 to 3.5 bathrooms and two-car garages, according to Prashanta. Units will include modern kitchens with appliances and finishes, balconies and patios and energy-efficient features, he said.

Prices are expected to start at $550,000. Prashanta said construction is expected to begin in September.

Elizabeth Owens-Schiele is independent.