City of Prospect Heights City Council Regular Meeting Agenda March 2026
Neder Capital Services LLC Awarded Townhome Development Project
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Description
The City of Prospect Heights City Council approved a Special Use and Planned Unit Development agreement with Neder Capital Services, LLC for a 69-unit townhome subdivision at 1001 and 999 Oak Avenue. This contract enables Neder Capital Services, LLC to purchase and redevelop the property in line with previously approved plans. The approval is contingent on a forthcoming updated traffic study and final development plan.
Contract Details
Vendor
NEDER CAPITAL SERVICES LLC
Agency
City of Prospect Heights, IL
Contract Type
CONSTRUCTION
Document Date
March 23, 2026
Contract Term
Commencement required within 12 months from April 13, 2026; ongoing for project development
Renewal Date
2027-04-13
Renewal Info
Period of validity requires commencement within 12 months. Previous ordinance (O-20-37) had expired, and latest approval reinstates the entitlement for a new developer. Assignment from Lexington Homes to Neder Capital Services noted; further extensions may be subject to Council approval.
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