Apr
13

Well-Known Chicago Home Builder Packs It Up

April 13, 2011

Another Chicago-area home builder has officially fallen victim to the housing crisis.

Burr Ridge-based Pasquinelli Homebuilding LLC has filed Chapter 7 in bankruptcy court and will liquidate its assets.

Pasquinelli was founded by brothers Bruno and Anthony Pasquinelli in 1956. They started their business in Chicago’s south suburbs before expanding to other states in the 70s and 80s.

In 2008, the company sat at No. 24 on Builder Magazine’s list of Top 100 U.S. Builders and No. 8 on its list of Top 10 U.S. Private Builders.

Then the housing crisis hit.

By late 2008, banks had taken over a portion of the company’s projects in several states, including Illinois.

In January 2009, a Cook County judge ordered the company to pay five families who bought new homes in Lake in the Hills a total of $1.1 million for violating the Illinois Consumer Fraud and Deceptive Business Practices Act. Apparently, Pasquinelli failed to inform the home buyers that their homes were built atop a high water table, which created construction problems.

By February 2009, Pasquinelli Homebuilding had ceased construction.

In the Chapter 7 filing, the company lists assets between $500,001 and $1 million and liabilities between $10 million and $50 million. It has between 10,000 to 25,000 creditors.

This is not the first longtime home builder to go under since the recession changed the Chicago real estate scene.

Other well-known builders to lose their businesses include Kirk Homes, Neumann Homes and Kimball Hill Homes, a company that ranked at No. 20 in the country in 2007, one spot atop Pasquinelli Homebuilding LLC.

Not included in Pasquinelli’s bankruptcy liquidation list are projects constructed under the name BnA Homes, which stands for “Best, New, Affordable” but is known in the industry as “Bruno and Anthony,” though its website does not mention either of the Pasquinelli brothers.

BnA Homes currently lists three local single-family housing developments, Theodore’s Crossing and Theodore’s Ridge, both in Joliet, and The Enclave in Plainfield.

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Tracey

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