Kimball Hill Homes opts to stop building

If you’ve scanned our headlines feed anytime in the past few hours, you’ve probably seen the news that Rolling Meadows-based builder Kimball Hill Homes has chosen to sell off existing assets rather continue building while in a Chapter 11 reorganization. According to Crain’s, Kimball Hill will complete homes that are already under construction but is “simply unable to conduct normal operations while the company continues its sales efforts.”

Judging from its Web site, most of Kimball Hill’s activity of late has been in suburbs like Elgin, McHenry, Montgomery, Naperville, Shorewood and Yorkville. The company’s Urban Centers division has also partnered with Holsten Real Estate Development and the Cabrini-Green LAC Community Development Corporation in the construction of Parkside of Old Town, the new mixed-income development going up near the intersection of Division and Larrabee streets.

There’s no word in any of the reports on how this might affect progress at Parkside (if at all), but we’re probably due for a wholesale update on that project anyway, so keep an eye out for some new photos or sales info from there in the near future.

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