The funding for the Prairie Parkway, which will run 5.5 miles from the plot, went through in the Fall of 2005. Three months after that, in December, Hastert and his partners cashed out, selling the land to a developer for a $3 million total profit. Ingemunson told the Tribune that Hastert's share of that was five-eighths - about $1.5 million. (The Chicago Sun-Times, without attribution, reports the profit as "close to $2 million.")
Now Hastert's camp is focused on squashing the story with the line that 5.5 miles isn't close enough to affect the price of the plot. In fact, they're so up in arms that Hastert's lawyer wrote an angry letter to the Sunlight Foundation and have threatened legal action. But no amount of yelling will change the facts on the table.
Update: ThinkProgress has a graphic timeline of the land deal.