Lake Zurich grants downtown exclusivity to Toll Brothers
Lake Zurich officials have granted a nearly three-month exclusive window for a well-known home developer to create a proposal for village-owned downtown waterfront property.
Pennsylvania-based Toll Brothers Inc. became the latest developer to be allowed exclusivity for the roughly 2-acre site that cost taxpayers $3.6 million as part of a long-stalled effort to revitalize downtown. Village board members voted 5-0 in favor of a memo of understanding with Toll Brothers at a meeting Tuesday night.
Documents show Toll Brothers has until May 4 to submit a detailed development proposal to Lake Zurich. Toll Brothers project manager Chris DiCicco said a four-story condominium building could be constructed with retail at street level.
“We'll see what you come up with,” Mayor Thomas Poynton told DiCicco. “Looking forward to it.”
Toll Brothers touts a construction portfolio of luxury single- and multifamily homes. The company built luxury homes as part of the Hawthorn Woods Country Club development.
Lake Zurich officials last fall received five responses from 11 developers that were invited to submit proposals for the land across from the downtown promenade. Toll Brothers topped the four other developers with the pitch that led to the exclusivity to plan a project on the village-owned property.
Last year, Harbour Contractors Inc. of Plainfield decided against proceeding with a project for the lakefront site. Harbour would have led a team that tentatively intended to build apartments.
In October 2013, Lake Zurich's elected officials rejected developer John Breugelmans' offer to pay $10 for the $3.6 million property after he had an exclusive period to create a plan. Breugelmans had wanted to build a four-story building with 66 rental apartments that would have been converted into condominiums, along with a restaurant, bar, coffee shop and hair salon.
Breugelmans used foul language on the village board after receiving the thumbs-down.