CHALLENGE

In December 2010 Old Second National Bank hired the Colliers Land Advisory Group to provide a broker price opinion and marketing services for Woodwind, a mixed-use residential and commercial/retail development in Plano, Illinois.  The project consisted of 138 residential lots and 8.5 acres of B2 and B5 zoned land.  Most of the residential lots were improved and the remaining land is partially improved.  The property was to be marketing in a “as is” conditioning with no bank liability.  The property is located in a far west suburban market which is not anticipated tore cover for at least 5-10 years.

Strategy

The Colliers team developed a comprehensive electronic market brochure which included a chat room that contained all the available due diligence material, an e-brochure was sent to local, regional and national builder/developers.  The bank would consider dividing the property if necessary.

RESULTS

In April 2011 Colliers sold 120 of the residential lots and is presently marketing the remaining 22 acres consisting of B2, B5 and R8 zoned land.