SunCal Signs Purchase Agreement for Prestigious Stonebridge Residential Development Near Chicago

IRVINE, Calif., Feb. 17, 2011 /PRNewswire/ -- SunCal, the leading private land developer in the U.S., has been seeking new properties in the Chicago area and has signed a purchase agreement for the prestigious Stonebridge development in Lake Bluff, Ill.

SunCal is partnering with The Roanoke Group, a private real estate investment and development company, to acquire this project. This fully entitled property north of Chicago was partially developed by New England Builders. Stonebridge of Lake Bluff is located on 47.3 acres of pristine woodlands, ponds and open lands.

The new community is located within the historic William V. Kelley Estate; Kelley was a rail magnate who acquired the land in 1914 and dubbed it "Stonebridge." His manor and carriage house were designed by architect Howard Van Doren Shaw and the grounds were landscaped by Jens Jensen.

"There are few locations with the historical and cultural significance that this site possesses," said Casey Tischer, Vice President of Land Acquisitions for SunCal. "We recognize that this exceptional property requires thoughtful and sensitive development, and we fully intend to see this through to completion according to the high standards we're known for."

"Stonebridge is a special place. Projects like this do not come along very often, if at all, and we are fortunate to be involved with this development," said Peter Kyte, Principal of The Roanoke Group. "We are looking forward to working with SunCal, the Village of Lake Bluff and the local community to create a quality, upscale community in a beautiful natural setting."

Plans call for the manor and carriage house to be restored to feature private residences within their original structures. Seventy-one new homes will be constructed on other areas of the property. All pads for these new residences have been graded and all streets have been built; in addition, six initial homes have been constructed.

The Roanoke Group, based in El Segundo, California, is a privately held real estate investment company providing equity capital in residential and commercial real estate throughout the United States.

SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is the largest privately held land developer in the U.S. For information, visit www.suncal.com.

SOURCE SunCal

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