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Nitti scales back Loeber Farm plan fewer homes, no rentals

Schaumburg residents shot down previous plan; builder now wants 122 for-sale houses

The Loeber Family Farm with Nitti Development’s Joe and Nico Nitti (LinkedIn, Google Maps)
The Loeber Family Farm with Nitti Development’s Joe and Nico Nitti (LinkedIn, Google Maps)

Nitti Development has scaled back its housing plans for the 33-acre Loeber family property in Schaumburg following feedback from the community.

The homebuilder, which previously proposed a controversial 357-unit rental community for the former Loeber farm site, has a revised plan featuring 122 for-sale homes, Crain’s reported

The approach cut the project’s density by two-thirds to address residents’ concerns while adhering to Schaumburg’s master plan, which prioritizes single-family homes for the site.

“We heard what the community was saying,” said Joe Nitti, who leads the company with his brother Nico. 

The property, situated off Meacham Road near Algonquin Road, has a long history within the Loeber family, which is known for its luxury car dealerships. Purchased as a rural retreat, the site was used to raise racehorses and foster a countryside upbringing for the Loeber children. 

Attempts to develop the land have been ongoing since 2002 but have repeatedly stalled, most recently in 2016 when a proposal for 92 homes was rejected.

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The modified proposal features four housing types. Homes on quarter-acre lots in the northern section could reach $1 million. Smaller homes, priced under $800,000, will occupy the southern portion. Two types of attached homes are planned, priced in the $600,000 range.

A stream bisects the property, creating a natural division between higher-priced homes to the north and smaller residences to the south. Both areas would retain green space, with a road connecting them.

The development process is still in its early stages. Nitti plans to submit the proposal to Schaumburg’s project review group early next year. If approved, it will move to the zoning board and finally to the village board. This timeline could push the approval process into next summer.

Negotiations for the sale of the property to Nitti Development remain contingent on the village’s approval. The last known offer for the property was $9.5 million from Pulte Group in 2016. 

— Andrew Terrell

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