Riverside Plaza Developer Anticipates Two-Year Sellout

Riverside Plaza plans are unfolding as the developer nears completion of the $20 million project with a long past.

With construction of the brick exterior completed and interior work under way, John Breugelmans, owner of Riverside Plaza Developers, is projecting a two-year sellout of the property.

According to a statement from the developer, the first units are scheduled for completion in spring 2012 and sales are under way to attract buyers for the 54 condo units and 12,000 square feet of retail space.

Early-bird prices range from $234,740 to $446,030, according to a Garrison Partners Consulting, the project’s marketing consultants. The four-story development features luxury two-bedroom condominiums with two or two and a half baths and 1,067 to 1,898 square feet of living area.

The sales office is enticing early buyers with a complimentary boat slip rental for the 2012 season at Erikson Marina, on the east bank of the Fox River.

The plaza-level commercial conveniences will include a high-end salon/spa, a fashion boutique, wine bar and a European-style delicatessen, the developer said.

Breugelmans, who has not yet secured the letter of credit, has until Dec. 1 to produce the $500,000 owed to the village. When Breu­gel­mans purchased the property in March, he agreed to provide the village 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 on the property.