Townhouses the latest proposal for vacant Lake Zurich site
For 17 years, Greg Schwermer has tried and failed to get anything built on his 3-acre stretch of vacant land on the northwest corner of Route 22 and Old Rand Road in Lake Zurich.
On Monday, he presented a new plan to village officials: a 36-unit townhouse development he thinks will succeed where the others have not.
The failed projects have included an assisted-care facility, a 120-room hotel, a day care facility and a retail development.
According to a letter Schwermer wrote to the village, the reasons those projects haven't succeeded include the loud train traffic from the nearby Canadian National rail line and the lack of vehicle traffic along Route 22.
"At this point I've tried everything that you can do to get the retail type businesses on the site and I think we've pretty much hit our max," Schwermer said during the presentation. "I've done what I can to do what I can on that property, and this is the last hope that I have going forward."
Village documents show the 36 townhouses will be in nine buildings. Each three-story townhouse will include three bedrooms and attached two-car garages, and will range from 1,600 to 2,000 square feet. They are expected to sell for between $300,000 and $375,000.
Mayor Thomas Poynton agreed with Schwermer's assessment that it wasn't likely the village could absorb much more retail space. But Poynton expressed concern that Ryan Homes, the developer that Schwermer was working with, would be able to sell the townhouses because of the nearby train line.
Scott Shelton, a regional market manager with Ryan Homes, said they know the rail line will be a deterrent to some customers, which is why the units closer to the train will likely cost less than the other units in the development.
Trustee Jim Beaudoin said he was pleased after 17 years and so many failed plans that this one was coming forward.
"To have somebody with a solid plan that has financial backing and an interest to do it, I'm very excited for that," Beaudoin said.
Beaudoin added that he wanted to see the developers make an investment in soundproofing, and if more wasn't included in the final plan it might be a deal breaker for him.
Including the cost of buying the land from Schwermer, the project will cost about $11 million and generate around $325,000 in real estate taxes, according to Ryan Homes' estimates.
Schwermer's property is across Route 22 from the north entrance to the Concord Village subdivision and next to the old Lake Zurich Lumber Co. building.
The trustees did not vote on the project Monday night, it was presented to them as part of the courtesy review process.
It is now up to the developer whether they want to go forward.