Algonquin project delayed, board to hear update
In less than two weeks, Algonquin village officials are scheduled to get an update from the developer of Riverside Plaza, who said the completion of the long-delayed project has been pushed back again.
John Breugelmans, principal of Riverside Plaza LLC based in North Barrington, said the 54-unit condo development with retail on the first floor is scheduled to be completed by late winter. The four-story building is at Routes 31 and 62 in the heart of downtown Algonquin.
Last year, Breugelmans said construction would be completed by April. On Wednesday, he declined to explain the reasons for the delay, only saying, “It’s a matter of resources.”
Breugelmans also declined to answer questions about the financing of the project, or how many units have been presold. “I cannot divulge any financial issues. That’s a strict agreement that we have on this property with the village and with our own (development) group,” he said. In a previous interview, Breugelmans estimated the total cost of the project, including financing, at $12 million.
Work on the interior hasn’t started. “The interior is coming along fine. We’re at the design stage with designers and architects. We’ll make it look real nice,” he said.
Algonquin Community Development Director Russ Farnum said the developer is putting “finishing touches” on the exterior, including garage doors and windows on the first floor lobby area. Work on the sidewalks that flank the development began May 1, and officials hope it will be wrapped up by the end of July.
Algonquin Village President John Schmitt said Breugelmans will be attending the May 22 committee of the whole meeting.
“We’re going to be having some discussions with him and see where we go from there,” Schmitt said. “He wants to present to us what his plans are for the foreseeable future.”
Schmitt said that despite the delays, there has been constant, albeit slow, progress since Breugelmans bought the once-blighted building in March 2011. “The whole goal of this thing ... was to have some new, very high-quality residential condos in our downtown, and that’s what our goal still is,” he said.
Riverside Plaza properties are listed through the Multiple Listing Service with real estate agency Re/Max, but all questions should be directed to the builder, said Crystal Lessner, administrative assistant for Re/Max Unlimited Northwest in Algonquin.
Listings show prices ranging from $199,000 to $446,000.
A phone number listed on the Riverside Plaza website and on a billboard outside the building is no longer in service, but a sales office is open on-site, Breugelmans said. He said the number to call is (847) 381-9800, but on Wednesday there was no answer, and a message said the voice mail inbox was full.