Four Seasons at Indian Lakes Canceled

After four years developing and funding a revitalization plan for Indian Lakes, the principals of First ILR, LLC and K. Hovnanian Homes announce that the Four Seasons at Indian Lakes has been canceled. The development team is in the process of formally rescinding their proposal with the Village.

“We thought that the concept of an age-restricted, resort-at-home community in the heart of DuPage County would be embraced and that the plan could be refined through cooperative dialogue; regrettably we were mistaken,” said Stephen Schwartz, manager of First ILR, LLC, owner of the 223-acre property since 2000.  “We believe that the Village of Bloomingdale has missed a great opportunity to bring a much needed concept of a maintenance free, active-lifestyle community which would have been highly accretive to schools, local businesses, and in addition, mitigate flooding issues in the adjoining subdivision, while creating an attractive amenity available to the entire Village. The redevelopment of the vacant land will not occur until we have better guidance from the Village that outlines their preferences and vision for an economically viable path. Until then, we are considering several temporary uses of the vacant property and will operate an independent hotel on the legacy campus.”

Development officials recently presented a substantially revised plan that reduced the proposed homes by almost half to approximately 300 and offered to further increase the donation of open space to the Village, including enough land to operate a nine-hole golf course. Village officials did not show support for the revised age-restricted, resort-at-home proposal and the development team believed it would be disingenuous and a waste of financial resources to continue without some indication of support from the Village.

“This was a terrific concept that would have reduced chronic flooding, substantially increased funding for local schools and brought renewed investment to Bloomingdale,” said Schwartz. “Even after substantial revisions to the concept, we were discouraged from proceeding further and have concluded it’s time to step back to allow the Village to provide direction on the revitalization of the property.”

Suburban golf resorts are obsolete in today’s travel and hospitality market and it has been over four years since hotel officials informed the Village that the financial performance of the property necessitated a different direction. At the July 20, 2015 Village Trustee meeting, the Mayor and Trustees declined to purchase the property under the terms of a preexisting agreement. With that action, First ILR proceeded with developing a new comprehensive transition plan that called for a substantial investment in the hotel and a new age-restricted community on the property’s additional 190 acres of vacant land.

“The uncertainty is weighing on the entire community, but unfortunately we are no closer today to an economically viable plan than we were four years ago for the most important vacant property in Bloomingdale,” concluded Schwartz. “The only way we can achieve this goal for the future is with through the engagement and shared vision with the Village.”

The hotel ownership group does not have any announcements about what interim uses may come to the property in the coming months or years.  We are open to feedback from the Village on a plan that works, but we are exploring all options.  The hotel is currently open and operating as an independent property.