Lake Zurich officials await presentations on downtown redevelopment proposals
Four development groups have submitted written proposals to restart Lake Zurich’s long-delayed downtown redevelopment project and will make presentations to village officials.
The developers will present their plans for Block A — the lakeside space on Main Street across from the promenade — to the village board in a public forum starting Monday, June 25.
However, two development groups, ARDE and Landover Corporation, said critical members of their team are unable to attend that meeting. Trustees discussed postponing the meeting, but unanimously decided not to delay the process any longer.
“I think we all see the need to push this and get this thing going and hear what’s out there,” village Trustee Terry Mastandrea said.
The board agreed to split the special committee meeting into two sessions, allowing the two groups to present at a later date. Officials want to schedule that meeting for July 7.
Developers J. Moises Cukierman and Southshore Real Estate Development will present proposals and answer questions on June 25 at 7 p.m.
Cukierman plans to use the space to build a four-story apartment with 113 units, targeted toward upper income levels.
David Smith of Southshore Real Estate Development and his team are proposing to start development with Block E, land southwest of Block A. Their plan for Block E includes building a two- to five-story apartment building with 54 units, averaging 1,900 square feet with an average unit price of $575,000. Their proposal also maps out plans for four other blocks including Block A, B, C-North and C-South, which also include building three- to five-story apartment buildings.
Building and Zoning Director Dan Peterson said the board will review the written proposals before the June 25 meeting.
“We’re dedicating a full evening to review these proposals and we’ll be prepared when the groups come in and talk to us,” Peterson said.
The teams of ARDE and Landover Corporation will present their plans sometime before August.
John Breugelmans from ARDE is proposing a building on Block A with 44 residential units and 8,000 square feet of retail space, on a raised plaza. The raised plaza will accommodate a restaurant, coffee and ice-cream outlets.
Richard Sova of Landover Corporation, wants to build a single three- to four-story structure with 100 to 125 condominium units and enclosed heated ground-floor parking. The group has no plans for commercial or restaurant use on the property.
Peterson said each group will be given 30 minutes to make presentations and 10 minutes to answer questions afterward.
Downtown development efforts have stalled in Lake Zurich since a special downtown taxing district was established in 2002, largely due to the nationwide economic recession. The village has gone through three developers that couldn’t find the investments to complete their projects.