CHAMPAIGN — About two years after a foreclosure complaint was filed against the original developer of a Champaign condominium project, the Villas at Ashland Farm has a new developer.

The residential development, off North Neil Street and Interstate Drive, north of Market Place Mall, was originally slated to have 60 condos on its site. But over two years ago construction stalled and Bank of America eventually seized the undeveloped land and the unfinished and unsold condos from the previous developer, Raycorp-Champaign.

Plainfield-based Wilcox Development Group, a builder for Epcon Communities, bought the remaining condos and undeveloped land from the bank for $1.25 million, according to Wilcox principal Jamie Wilcox. The company has built similar developments throughout the Midwest, including the Chicago suburbs. The Villas at Ashland Farm are now part of the Epcon Communities, he said.

Wilcox said his family-owned business specializes "almost exclusively in maintenance-free, ground-level condominiums" like the Villas at Ashland Farm.

Ashland Farm "is exactly what we do and it was one of the reasons why we were attracted to it," he said.

Wilcox said his company had been talking to several different banks about buying communities experiencing financial trouble, and Ashland Farm was one of them.

"We thought it was attractive, well done. It's in good shape and has been well-maintained by a thriving homeowners' association in place at the community," he said.

Once the property went into foreclosure, the 22 condo owners who bought from the original developer established an association and became in charge of operating and maintaining the property, including the 3,000-square-foot clubhouse and pool. The clubhouse also has a community room used for private events and there's an exercise facility.

"It's a good new beginning," said John Tuohy, president of the Villas at Ashland Farm Condominium Association. "We were hoping almost anyone would come in, but the fact that Epcon has come in has been great. We couldn't have asked for better situation," he said.

"The nice thing about Wilcox is they've built several kinds of communities like ours," Tuohy said, adding that he lived in a similar community in Tinley Park before moving to Champaign.

After the foreclosure process began on the previous developer, "we didn't really know what to expect. ... We realized we needed to pull ourselves together," he said. After forming the association they started collecting dues and were able to hire contractors for lawn and garden care and snow removal.

The association will continue, Tuohy said, and new owners will become part of it.

There were 13 unfinished condos for sale; however, in the three weeks since Wilcox closed on the property, three have been sold and one is pending, bringing the total to nine condos on the market.

"Things are selling really quickly," Wilcox said.

"They were on the market a long time and ... it's understandable. People are hesitant to buy in a community that's having financial difficulty," he said.

The company's first order of business is to build confidence, he said.

"The homes are priced very aggressively," he said. They range in price from the $120,000s to the $190,000s.

"These are homes that a few years ago were selling for much more than that — $50,000 or $60,000 more," he said.

Up next is to finish construction on the 26 condos planned to be built on about 12 acres of land. Those will be available in the spring. A second build-out phase is also possible, he said.