Pulte Group To Buy 45 Lots of Stalled Savoy Development

Pulte Group, Inc. has agreed to buy 45 of the 52 lots at the stalled Savoy Club development on 79th Street, Crain's Chicago Business reports.

The project, started by custom home builders Callaghan Associates in Westmont, was originally planned to be 52 single family homes, ranging from 2,600 to 3,465 square feet. The homes were designed with English Country style architecture and included features such as entry coach houses, private streets, pond views and 10-foot first floor ceilings.

According to Crain's, the developer's lender filed a foreclosure lawsuit against the property in February of 2010.

"It's an empty nester, maintenance-free type of development," Village Administrator Steve Stricker told Patch. "The economy set [the development] back. We are hopeful it will gain some new life and move forward now."

Before Pulte can close on the deal, the purchase must be approved by the . Before that happens, Stricker said some development covenant changes must be made and approved by the Homeowner's Association.

"We've met with Pulte on a number of occasions to make sure they understand what requirements we have for the village, and I think they do," said Stricker, who added that the company has a lot of experience marketing and constructing the type of homes planned for the development.

According to Crain's, "Pulte plans to price the homes from about $575,000 to $700,000, a significant drop from Callaghan’s prices, which ranged from about $900,000 up to $1.5 million."

Stricker said the purchase is on the agenda for Monday's village board meeting, and the village is looking forward to working with the developer.

"Whatever it takes to move [the development] project along is a good thing, and we'll certainly work with them to try to make that happen," said Stricker.