Life has been brought back to Riverside Square—with one change. Now it will be called Riverside Plaza.
On Tuesday, the village board approved a settlement agreement that calls for completion of the building as originally planned.
The village has required that the new developers, Riverside Plaza Developers LLC, secure the agreement with a letter of credit. If certain milestones are not met by the agreed deadlines, the village may collect the letter of credit and obtain a default judgment for a demolition order.
“When it’s all said and done, this project will be a positive and important development for our Old Town District,” said Village President John Schmitt in a statement.
According to the agreement, the exterior of the building must be completed by late summer. Stabilization and cleanup work is already underway, including the replacement and repair of the construction fencing.
“We have to see where we are and what needs to be repaired prior to proceeding with the completion of the building,” said John Breugelmans, representative of Riverside Plaza Developers, in a statement.
“The structure is very solid and we’re inspecting all facets thoroughly to repair or replace anything that is required," he said. "We’ve hired special engineers that will outline a scope of work and we will proceed with getting that done.”
Breugelmans said he hopes to see major progress on the building by Founders Day, which is the last weekend in July.
“We are excited that a buyer has stepped in and is committing to completing this development,” Schmitt said.
When it is fully completed, Riverside Plaza will house 54 luxury condominium units, as well as retail storefront.
The property that sits at the corner of Routes 31 and 62 has a long history. Construction on Riverside Square came to a halt in 2008 after the developer, Aspen Home Builders, filed for bankruptcy.
Amcore Bank received the title to the property and stopped payments later that year, and it was eventually sold off to Harris Bank. The property went to several auctions, but it wasn't until last month when Riverside Plaza Developers purchased the property from Harris Bank.