Deadline Looming for Riverside Plaza to Begin Converting Condos to Apartments

This was supposed to be a summer bustling with construction work inside Riverside Plaza in Algonquin.

This past spring, developer John Breugelmans told Algonquin-LITH Patch interior work at the plaza would begin in April, model units would be ready for viewing thereafter, and the company would start renting the apartments by November. 


However, construction never began.

In fact, the developer hasn't even applied for the necessary work permits, said Russ Farnum, community development director for Algonquin. 

"Basically, if he doesn't have the permits and start construction by mid-October, the zoning reverts back to the original plans for 54 condos," Farnum said.

In October 2012, Algonquin village leaders reluctantly granted Breugelmans permission by a 5-2 vote to convert the 54 condominiums to 63 luxury apartment units at the Riverside Plaza, located at the corner of Routes 31 and 62. 

The decision came after Breugelmans said he couldn't sell the units as condos, adding that no bank would back a condominium project in this economy. Banks would back a rental building, he said. 

When allowing the conversion, village leaders attached 15 stipulations to the zoning agreement change- one of those being that interior renovations be actively under construction within one year. 

The one-year mark is mid-October, Farnum said. 

Patch's attempts to reach Breugelmans for comment were unsuccessful. 

Plans for the Riverside Plaza rentals called for having two-thirds of the building filled with two-bedroom units and one-third with one-bedroom units. The development has indoor parking and retail space at the ground level.

Another condition of the October 2012 Village Board decision was that the rentals be converted to owner-occupied condos by July 1, 2018.