OAK BROOK, Ill., May 8, 2018 /PRNewswire/ -- Strategic Project Management, Inc. (SPM), an Oak Brook based firm, was recently featured in Crain's Chicago and other publications for its creation and implementation of a successful housing initiative in Bellwood, IL.
"Our housing initiative was born out of our client's need to address two issues: eliminate blighted and vacant properties that they had purchased for redevelopment in which the private sector paid no interest; and to meet our client's need to build larger single-family homes," said Peter Tsiolis, President at SPM. "We positioned our client, the Village, as the developer, and we served as project manager for our initiative that has just completed its third phase resulting in twenty brand new luxury homes."
According to the Crain's Chicago article, prior to the launch of the third phase, the median price of homes sold in Bellwood was $113,000. The median price for the first quarter of 2018 was nearly $163,000, up from $123,000 a year earlier.
Tsiolis said that raising the median sale price in town was a goal of the project both because "it's good to see that people are willing to invest substantially more than the median price to be in Bellwood" and because it could catch the attention of commercial homebuilders who hadn't previously been interested in building in the town.
As Chicago Magazine reported, all the houses have already been sold for $212,500 to $294,500 – well above the Bellwood median price of a year ago.
More houses are scheduled for construction through 2018, but SPM isn't stopping with this initiative. In an interview with Positively Proviso Tsiolis said, "We look forward to growing the company. We look forward to taking on more challenging projects and delivering the positive results with which we have become synonymous."
http://www.chicagomag.com/Chicago-Magazine/May-2018/Bellwood-Housing-Development/
https://www.positivelyproviso.com/?p=223
SOURCE Strategic Project Management, Inc.
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