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Developer purchases unfinished Ringwood subdivision

Published: Tuesday, June 24, 2014 2:56 p.m. CDT • Updated: Tuesday, June 24, 2014 11:20 p.m. CDT

RINGWOOD – A two-home subdivision on the north end of Ringwood is moving out of limbo, the village president said.

The subdivision Glacial Trails of Ringwood was purchased by GT Ringwood LLC Tuesday, said the company's vice president Jamie Moran.

The company will sell one-acre lots starting at $19,000, he said, adding that the property owner would contract with another company to build the home.

"It's an outstanding area," he said. "It's great country living. It's a great place to raise a family. You've got excellent schools. The village of Ringwood is an excellent village to work with. There's so much to do hiking, boating, winter sports, summer sports. It's all there."

Moran was a member of Geneva-based Pioneer Ventures, the firm that had originally planned on developing a 57-home subdivision on the 85 acres located on the west side of Pioneer Road about a half-mile north of Ringwood Road. The plan received Village Board approval in 2005.

The subdivision was later sold to Reserve One Homes and eventually – with only two houses constructed – went into foreclosure, Village President Rick Mack said.

"I think they're going to be very happy," Mack said. "I'm very sympathetic that the homeowners and the village have been in limbo for the last several years. This is the first step in turning the subdivision into an asset for the village instead of a liability."

GT Ringwood LLC plans on planting 260 parkway trees over the next two years, half this fall and the other half next year, and the unfinished roadway will be completed later, Moran and Mack said.

The timing on the roadway depends on how quickly the homes sell because it doesn't make sense to pave it now just to repave it once construction crews wear it down, Moran said.

"It's going to look like a completed subdivision that the village can be proud of and so can we," he said.

In order to complete the purchase, GT Ringwood LLC had to replace the standing letter of credit for the subdivision with a bond, Mack said. The Village Board OK'd the change at its meeting last week.

The change also updates the estimated cost of improvements to $318,000 from $240,000, he said.

Glacial Trails of Ringwood was one of two Ringwood subdivisions to go into foreclosure, Mack said. The other subdivision still has bank issues but for the most part, is privately owned.

"This is a real sign that things are improving," he said.

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