Work under way at Elgin Tower Building

A sight on Tuesday morning that many doubted would ever unfold in downtown Elgin: People in hard hats working on the Tower Building.

Work began to build a protective canopy and haul stuff out of the building, which will be converted into 45 rental apartments, said developer Richard Souyoul. "We are moving along."

Souyoul Properties of Chicago partnered with Capstone Development Group of St. Louis for the $16.6 million project, which must be done by December or lose $2.6 million in state historic tax credits. The city of Elgin is contributing $6.35 million in tax-increment financing money.

Despite the tight deadline, construction will be "a first-class job," Souyoul said. "The apartments will be very nice. The ceilings are high, there are large windows that really open up. We also have pictures of the original lobby," he said. "It will be a great thing when it's done."

An antiques collector and member of the Chicago Art Deco Society, Souyoul first eyed the 1929-era Tower Building in 2013, when he attended a meeting of the Elgin Area Historical Society. "I thought it was a gem," he said.

The developers were in negotiations for 18 months to buy the building from The Stickling Foundation, a deal that was just finalized.

Mayor David Kaptain said he began to doubt the project would come to fruition when pieces of building facade started falling off in January. That's when the city started pushing in earnest for things to move forward due to safety concerns, he said.

"It worked out," Kaptain said. "Let's get it done now."