Tinley firm buys unfinished townhome project
BY MIKE NOLAN firstname.lastname@example.org May 21, 2013 4:42PM
Tinley Park-based real estate firm Mack Cos. has bought the unfinished Fay’s Point housing development in Blue Island. | Supplied photo
Updated: June 23, 2013 6:10AM
Tinley Park-based real estate firm Mack Cos. has bought the unfinished Fay’s Point housing development in Blue Island, with plans to build additional townhomes there.
The 27-acre site sits where the Little Calumet River and the Calumet Sag Channel converge, just east of Interstate 57 and south of Vermont Street.
Mack Cos. said it paid $1.5 million for the property.
Initially, 304 condos, 80 townhomes and 90 apartments for seniors were eyed for the property. Mack Cos. said 30 townhomes have been built, 17 of which are owned and occupied by residents.
The company said the purchase also includes lots for an additional 44 townhomes, and that Mack will start work in the third quarter on eight units, with completion planned for this fall.
The deal also includes developable land that could accommodate up to 236 housing units. Mack Cos. said there are no immediate plans to get under way with that phase of the development, and that it will work with city officials to determine whether to build condominiums, apartments or senior housing.
Fay’s Point also includes a marina with more than 80 boat slips, Mack Cos. said.
The company primarily buys, rehabs and then rents foreclosed homes and other properties. But James McClelland, Mack’s president and chief executive, said that building at Fay’s Point will represent a return to his roots prior to Mack as a new-home builder.
Mack has been making large-scale sales of detached single-family homes in its portfolio to American Residential Properties, an Arizona real estate investment trust. Since late last year, Mack has sold about 290 homes in the south suburbs, for $40 million, to American Residential, which in turn continues to rent them to tenants.
Like Mack, American Residential buys and renovates distressed properties, primarily in southern and southwestern states.