Business & Tech

UPDATE: Riverside Square: SOLD

The half-finished, foreclosed structure at Routes 31 and 62 in downtown Algonquin has an owner.

UPDATE: Algonquin Village Manager William Ganek has confirmed the sale of Riverside Square. He was unable to disclose the official name of the buyer or the price the property was sold for.

Since last week’s court hearing, there has been increased speculation as to whether a Des Plaines developer is going to close on a deal to purchase Algonquin’s downtown Riverside Square.

The half-completed structure at Routes 31 and 62, also known as Tyvek Towers, has a long history, which can be read .

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But more recently, after a March 3 court hearing to determine the future of the property when there were no qualified bids at a public auction in January, the conjecture has been that John Breugelmans of Lakeland Asset Management has been moving forward on getting a deal closed.

According to a Daily Herald article, Breugelmans said he had been interested in buying the property since March 2010, but did not think it was worth the $1.25 million, the minimum required amount at the January auction.

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Closing on the foreclosed property, however, is easier said than done. There is $2 million owed in liens alone, making the sale of the structure more complex.

Meanwhile, over the past year, the village has been pushing ahead with its court order to have the structure demolished, citing reasons of public safety. The village went to court one year ago after it started issuing daily citations for public code violations, a strategy the village has since abandoned.

Algonquin Village Manager William Ganek said whether the village is going to drop its demolition lawsuit is yet to be determined, but the village is going to see what options are available.

Michael Kayman, receiver of the property for the bank, said that completing the building could cost an additional $7 to $10 million in a TribLocal article. Calls to Kayman to confirm the buyer and purchase price went unreturned.

Construction on the condominium and shopping center halted in 2008 when the developer filed for bankruptcy. Amcore Bank received the title to the property and halted payments later that year. Amcore was eventually sold off to Harris Bank.

The building was going to house 54 condominium units, 12,000 square feet of retail space and an underground parking garage.


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