The developer for Riverside Plaza, 1 North Main Street in Algonquin, has obtained the structural alteration permits to begin construction on the interior of the building.
The development, which consists of 63 luxury apartments with 9,600 square feet of ground-level retail shops and on-site parking, is scheduled for occupancy in summer of 2014. A leasing office and more information will be available on-site beginning in April.
Village President John Schmitt said, “Riverside Plaza is an example of how holding the line and sticking to a long-term development strategy continues to benefit our community. This project represents a significant step towards ensuring the long-term economic and cultural viability of our historic downtown.”
The village expected that Riverside Plaza will increase the number of residents in downtown Algonquin, which are expected to support existing businesses and help attract new dining, retail, and service establishments.
The Downtown Planning Study, which was approved last March, highlights development opportunities and strategies upon completion of the $71 million Illinois Route 31 Western Bypass which is scheduled for this year.
The Western Bypass will allow Main Street, from Huntington Drive north to Greenwood Court, to be converted to a local road and provide for a more pedestrian-friendly and traditional commercial corridor.
The Downtown Planning Study calls for preservation of the core of the Old Town Historic District, while identifying key redevelopment sites for the introduction of new retail, office and residential opportunities such as Riverside Plaza.
Using the Downtown Planning Study as its guide, the Village is working to grow the downtown based on its unique assets: distinctive buildings, the Fox River, personal service, local ownership, and a sense of community.
For more information about future opportunities in downtown Algonquin, please visit us online atwww.algonquin.org/development.
Source: Village of Algonquin press release