John Breugelman, the developer of Riverside Plaza, told Algonquin trustees during a Tuesday Committee of the Whole meeting he needs to convert the building in the downtown district from condominiums to apartments in order to make the project economically feasible.
Following a two-hour heated discussion, most trustees reluctantly said they would be willing to compromise somewhat on the project.
“We originally went for this project as a high-end condo building to attract a certain demographic to our downtown" said Village President John Schmitt said. "How are you going to fill (apartments) with the same demographic? That’s the only way you’re going to get my approval for this plan.”
The exterior of the building, which sits at Route 62 and Route 31, is mostly finished. Breugelmans told Patch.com last month he hopes to have the housing portion ready for sale or rent by early next year.
The building sat vacant as an eyesore for many years at the busy intersection.
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