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.