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updated: 12/12/2011 2:30 PM

Riverside Plaza developer misses Algonquin deadline

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  • Riverside Plaza development at the northeast corner of Route 31 and Route 62 in Algonquin.

       Riverside Plaza development at the northeast corner of Route 31 and Route 62 in Algonquin.
    Rick West | Staff Photographer

  • Riverside Plaza development in Algonquin.

       Riverside Plaza development in Algonquin.
    Rick West | Staff Photographer

 
 

Developer John Breugelmans did not meet a Dec. 1 deadline to present a letter of credit and proof of financing for the completion of Riverside Plaza in Algonquin, but Village President John Schmitt says the village is being understanding.

The $500,000 letter of credit is "moot " because it related to completing the exterior of the building at the intersection of routes 31 and 62 in downtown Algonquin. "That is done, for all intents and purposes," Schmitt said.

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As for the proof of financing, Schmitt said he couldn't discuss details. "That's still somewhat privileged," he said.

Breugelmans did not respond to a request for comment. Last month, he said several units were under contract. The total project is estimated at $12 million, including financing costs.

Schmitt underlined the village's commitment to working with Breugelmans, who in March purchased the 54-unit condo development that had been sitting half-built after the initial developer defaulted on his loans in 2008.

"It's very difficult time for any kind of project to buy financing. Just to buy a house it's difficult, let alone for any developer," he said. "We are certainly understanding of the difficulties of the current environment."

As to whether the village is considering further extending the deadline, Schmitt said he had no answer.

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