Algonquin, Riverside Plaza reach agreement

Riverside Square in Algonquin now has a new name — Riverside Plaza — and will most likely get a new look by this summer.

The village and developer John Breugelmans, the new owner of the half-built, mixed-used development at Routes 31 and 62 in downtown Algonquin, reached a settlement agreement Tuesday on the demolition lawsuit the village filed last year against then-owner Harris Bank.

The settlement states that the developer will complete engineering studies by April 30 and the exterior of the building by July 31, with a 45-day grace period for extenuating circumstances such as prolonged rain, Village Manager Bill Ganek said. The agreement is secured by a $500,000 letter of credit from Breugelmans, he said.

In March, Breugelmans of Riverside Plaza Developers LLC bought the building for $325,000 from Harris National Association. The building was in foreclosure proceedings after the original developer defaulted on his loans in 2008.

Breugelmans wants to finish construction of the building according to the original plans with 54 luxury condominiums, along with storefronts on the first floor, Ganek said.

“This was probably about three months of very intense negotiations,” Village President John Schmitt said.

The building is sound, but the engineering studies will determine the extent of water damage, said Russ Farnum, the village’s community development director.

As per the original plans, the 12,000-square-foot Riverside Plaza will have a nearly all-brick exterior with stone trim, Farnum said. Plans call for 1-, 2- and 3-bedroom condominiums, and a two-level underground parking garage with more than 100 spots for residents and customers, he said.

Village officials said they didn’t know when all construction will be finished.

“I’m sure (the developer) is going be anxious to do that so he can start marketing it pretty soon,” Schmitt said. “It’s going to be a significant benefit to our downtown by bringing in new young, vibrant people who can use our businesses in downtown and help us do a revitalization.”