Future Uncertain for Riverside Plaza
Algonquin's committee of a whole on Tuesday rejected a plan for 69 luxury apartments in Riverside Plaza.
Once again, this question looms: what's next for Riverside Plaza?
In an informal vote Tuesday, the Algonquin committee of a whole rejected a plan by Riverside Plaza developer John Breugelmans to develop 69 rental units in the highly visible building at Route 62 and Route 31 in downtown Algonquin, according to the Northwest Herald.
When Breugelmans first took on the project, condominiums were planned for the building. The economy has thrown a wrench in those plans, and Breugelmans has said there is no market or financing available for condos.
And while Algonquin's Planning and Zoning Commission OK'd Breugelmans' plans for 69 rental units for Riverside during an August meeting, COW members told Breugelmans Tuesday they hope to see fewer and more spacious rental units in the building, according to the Northwest Herald. The hope is once the economy turns around, those larger units will be converted to condos.
The Daily Herald reports the village had previously accepted a compromise of 60 units in Riverside. Breugelmans said during Tuesday's meeting, he could not get financing for 60 or 64 units, according to the Northwest Herald.
Late Thursday afternooon, Breugelmans said if the village does not accept his plan for 69 rental units, he would be forced to lock up Riverside Plaza and leave it vacant until the market for condos improves.
“If that were to happen, further development of downtown Algonquin will be totally discouraged for a long time to come," he said.
Under Breugelmans' 69-unit rental plan, the apartments would range in size from 750 to 1,430 square feet with rent between $1,100 and $1,800 per month, according to the Northwest Herald.
Mikein algonquin
9:09 am on Friday, September 14, 2012
When a building permit is issued, there is a time frame to complete construction, If this project is locked up until the market improves, won't the permit expire? If so, what happens?
Debbie Morano-Mahler
10:04 am on Friday, September 14, 2012
Tear it down!
Kevin Harding
10:14 am on Friday, September 14, 2012
Tyvek Tower should have been torn down 5 years ago. What a complete mess this whole project has been.
The last thing downtown Algonquin needs is 60 cheap rentals.
But when your asking 300k for a two bedroom with a view of a Shell station and 500 gravel trucks before 8am you dont have many choices.
Anthony P.
2:02 pm on Friday, September 14, 2012
$1,100 - $1,800 per month isn't cheap. However you can get a mortgage for that amount so why rent?
jeff
11:44 am on Friday, September 14, 2012
The condo market is going to be flat at best for another 6-7 years at the least thats a long wait. Who would rent there anyway? They only have 60 parking spaces right now you need 2 per apartment. Surrounded by the worst traffic in the state they have no views like they claim? Does this guy live in the real world or does he think that people are that stupid? What about the retail space that needs to be rented out on the first floor? Theres not a business owner on the planet who would rent that. Oh yeah come on in and stop by my store! Theres no parking and traffic is gridlocked so its impossible to get in or out but shop here! I hear theres a lovely view of the top of the shell station and a beautiful view of the top of a restaurant!
Anthony P.
2:03 pm on Friday, September 14, 2012
Eminent domain? I bet that's what the village is hoping will happen eventually. Sounds like the have it figured out.
David
3:42 pm on Friday, September 14, 2012
This site has become nothing more than a blighted corner of Algonquin that thousands of drivers, along with the local residence have to look at everyday.
This eyesore needs to be torn down as soon as possible.
Margot
4:16 pm on Friday, September 14, 2012
If I was spending that kind of money I would be looking for something roomier and in a better location than the busiest, noisiest intersection in Algonquin, if not McHenry county.
Scott M
5:47 pm on Friday, September 14, 2012
Seriously - tear it down and improve the intersection. Put away your egos and realize it is a failure. GET A CLUE!
Kristi
5:55 am on Saturday, September 15, 2012
What an ego on this guy- he thinks that the development of the downtown hinges on that giant joke of a property? The arrogance of this man seems to know no bounds- the more I hear of him and by him, the more I hope he's never able to rent/sell a single unit in that mold-filled behemoth. He knew what he was getting into when he purchased that property for almost nothing, and any real estate investor with half a brain knew the market wasn't coming back for years. So go ahead, buddy, feel free to back up that empty threat and lock the place up. It's not like the property hasn't already sat vacant for years anyhow.
Mikein algonquin
7:47 am on Saturday, September 15, 2012
Breugelmans must not be a very asture businessman. Why would he proceed with this project without financing to cover the project to completion? The changes we wants to make in the plans are just to cover his a** so he doesn't lose his investment. Not for the benefit of Algonquin.
Joel
10:53 am on Saturday, September 15, 2012
Best bet is for the Village to eat crow, since they are the ones who approved this joke.
It most go and be torn down. The sooner the better. and then come up with some low level building for businesses.