Tuesday, October 16, 2012
The Algonquin Village Board approved in a 5-2 vote Tuesday night an amendment to its planned unit development for Riverside Plaza that would allow the development to move forward as a rental property.
The Riverside Plaza project will move forward as a rental project. The village of Algonquin has been working with the developer of the project, John Breugelmans, to come to a compromise on what to do with the building that continues to sit vacant at Route 31 and Route 62. The building was originally approved for development of condos. As the economy has shifted, Breugelamns said no bank would finance condos and requested a shift to rentals. In September, Algonquin Committee of a Whole in an unofficial vote turned down Breugelmans request for 69 rental units, requesting fewer and more spacious units in the building. On Thursday, the Algonquin Village Board voted 5-2 to approve an amendment to the planned unit development allowing a change …
Friday, September 14, 2012
Algonquin's committee of a whole on Tuesday rejected a plan for 69 luxury apartments in Riverside Plaza.
Once again, this question looms: what's next for Riverside Plaza? In an informal vote Tuesday, the Algonquin committee of a whole rejected a plan by Riverside Plaza developer John Breugelmans to develop 69 rental units in the highly visible building at Route 62 and Route 31 in downtown Algonquin, according to the Northwest Herald. When Breugelmans first took on the project, condominiums were planned for the building. The economy has thrown a wrench in those plans, and Breugelmans has said there is no market or financing available for condos. And while Algonquin's Planning and Zoning Commission OK'd Breugelmans' plans for 69 rental units for Riverside during an August meeting, COW members told Breugelmans Tuesday they hope to see fewer …
Tuesday, August 14, 2012
The developer for the property has said he would not be able to sell condos in today's market.
Algonquin's planning and zoning commission on Monday OK'd developing high-end rentals instead of condos at Riverside Plaza, according to the Northwest Herald. The issue will next be discussed at the village's committee off the whole meeting on Aug. 28, according to the article. The developer for Riverside Plaza, John Breugelmans, has told village officials he would not be able to market condos in today's economy. He has said he will switch the apartments back to condos when the market improves. The Northwest Herald has more on this story.
Wednesday, July 11, 2012
Algonquin's Planning and Zoning Commission met Monday to hear Riverside Plaza developer John Breugelmans new proposal to create rental units within the facility.
To develop Riverside Plaza as a rental property or not to— that is one of the main questions still swirling around the vacant building. The Planning and Zoning Commission met Monday to hear a request from developer John Breugelmans to create 69 rental units instead of the 54 condominiums originally proposed for the brick building at Route 31 and Route 62 in Algonquin. Following two hours of, at times, heated discussion, the planning and zoning commission decided to delay a vote and further talks on the proposal until the Aug. 13 meeting as commissioners had more questions. Specifically, the commission wanted more information on how much parking space is needed for those living and working at Riverside. During Monday’s meeting, …
Thursday, May 24, 2012
Riverside Plaza developer tells Algonquin trustees at the Committee of the Whole meeting Tuesday there is no market for condominium sales.
Wednesday, May 23, 2012
Tell us what you think.
John Breugelman, the developer of Riverside Plaza, told Algonquin trustees during a Tuesday Committee of the Whole meeting he needs to convert the building in the downtown district from condominiums to apartments in order to make the project economically feasible. Following a two-hour heated discussion, most trustees reluctantly said they would be willing to compromise somewhat on the project. READ MORE: Another Setback for Riverside Plaza “We originally went for this project as a high-end condo building to attract a certain demographic to our downtown" said Village President John Schmitt said. "How are you going to fill (apartments) with the same demographic? That’s the only way you’re going to get my approval for this plan.” The …
The developer tells Algonquin trustees at the Committee of the Whole meeting Tuesday there is no market for condominium sales.
The long-stalled Riverside Plaza project now faces another setback. John Breugelmans, the developer of Riverside Plaza, told Algonquin trustees during a Tuesday Committee of the Whole meeting he needs to convert the building in the downtown district from condominiums to apartments in order to make the project economically feasible. Following a two-hour heated discussion, most trustees reluctantly said they would be willing to compromise somewhat on the project. However, they want the complex to adhere to its original luxury status and stay at 54 units. Breugelmans must now bring his revised plans before the village planning and zoning committee before the village board revisits his request. Apartments Versus Condos: Board Spars Over …
Tuesday, May 22, 2012
John Breugelmans will discuss his building at Routes 31 and 62 during Tuesday's meeting.
Riverside Plaza Developer John Breugelmans plans to provide an update on his vacant property at Routes 31 and 62 during Tuesday's Committee of a Whole meeting in Algonquin, village officials told the Northwest Herald. It is unclear what Breugelmans plans to discuss, according to the Northwest Herald. Fifty-four condominiums and 12,000 square feet of retail space are planned for the property. Breugelmans recently told Patch.com the condos should be available for sale or rent early next year. Breugelmans, owner of Riverside Plaza Developers, purchased the foreclosed property from Harris Bank one year ago. The building long had stood unfinished at the busy intersection in Algonquin before Breugelmans took on the project. The majority of …
Monday, April 30, 2012
Exterior details need to be completed before the village can begin adding sidewalks and making other streetscape improvements.
The developer of Riverside Plaza said his company is working to complete exterior work on the building to meet the May 1 deadline set by the village of Algonquin. John Breugelmans said Friday that his workers are striving to finish the exterior work on the building so the village can begin streetscaping sidewalks and other improvements. “The work is being finished as we speak,” Breugelmans said. The company is working to complete the soffits on the towers and install the last of the windows and exterior doors, according to village officials. The final application on the exposed foundation walls will be done as well. “The developer has until July 1 to get this work completed, but he needs to get certain elements done by May 1 so the village…
Thursday, November 17, 2011
Sidewalks on the Harrison Street and Algonquin Road portion likely will be completed by Dec. 31.
With the exterior of Riverside Plaza completed, its developer and the village of Algonquin are now sorting out details to put the finishing touches on the surrounding area of the 54-unit condo development. Algonquin Village Board members agreed to spend up to $350,000 to construct remaining sidewalks, landscaping and other public improvements in the right of way surrounding Riverside Plaza at the Nov. 15 meeting. The public right of way improvements were part of the settlement agreement reached in April when John Breugelmans, owner of Riverside Plaza Developers, purchased the foreclosed property from Harris Bank. Breugelmans will complete the right of way improvements at his own expense and will be reimbursed by the village once work is …