Land for proposed Irongate subdivision up for sale

DeKALB – More than two years after the City Council approved development plans for what would have been the Irongate subdivision, the 458 acres of land is for sale.

Shodeen, a Geneva-based developer, owns the property and wrangled with city leaders and disapproving residents for an extended period to get approval in October 2013 to develop the land, which is adjacent to DeKalb High School on Dresser Road, and runs along nearby First Street and down Bethany Road.

“It doesn’t really surprise me,” said 1st Ward Alderman Dave Jacobson, whose ward includes the property. “I think it is indicative of the fact that, again, Shodeen has been in this community now for almost 10 years, and they’ve continually made promises and have not made good on any of those promises.”

David Peltzelt, Shodeen’s president, did not return Daily Chronicle calls or emails seeking comment on the sale. The listing agents at commercial real-estate company C.B. Richard Ellis, which is the selling agent for the property, also did not immediately respond to phone calls.

The season’s crop of corn stands tall on the land right now. The city approved annexing the farmland and rezoning it so more than 1,000 housing units could be built on it. A CBRE listing indicated the land was being sold for $19,000 an acre, or a total of more than $9 million, as of Friday afternoon.

DeKalb officials said they can only speculate as to why, years later, instead of selling single-family houses, townhomes or senior units – as planned – Shodeen has decided to put the property up for sale.

Second Ward Alderman Bill Finucane said he just happened to see the for-sale sign last weekend.

“It’s not a surprise to see a sign up there, with the start of the construction of the church, because that’s really the kickoff project,” said Finucane, who favored the development. “Now that some of the infrastructure is going to be in place, it would be easier for them to move forward.”

Finucane said the city already was aware that it would take decades to build the subdivision to approved capacity.

Voting in favor of annexing the land and giving a thumbs-up to building the subdivision was one of the first issues presented to then-newly elected Mayor John Rey. But the mayor told the Daily Chronicle after the City Council’s Committee of the Whole meeting Monday that he was not aware the land was now for sale.

“Certainly to begin development of that subdivision would be helpful,” Rey said.