Developers seeking tenants for new East Dundee building
Over the past two years, the vacant grassy field that once capped off East Dundee's downtown district has been transformed into a $4 million mixed-use development.
The 24,500-square-foot building at 311 Barrington Ave. was designed to bring more residents downtown, contribute to the village's culinary district and aesthetically complement other historic structures in the area, said Tracy Burnidge, broker and leasing agent.
Developers are in the midst of pinning down retail tenants before building out the 12,000 square feet of available restaurant space on the first floor, he said. Other work on the property, such as landscaping, parking and additional building details, also have yet to be completed.
However, residents have already begun moving into the loft-style apartments upstairs, Burnidge said, and it won't be long before the development is fully occupied.
"We're trying everything possible to get people in here," he said.
Developing the former lumberyard property was included in East Dundee's plan to revitalize its downtown, Village Administrator Jennifer Johnsen said. To help fund the project, village officials agreed to reimburse developers for up to 28 percent of project costs, capped at $1.2 million, using incremental property and sales taxes generated at that site.
Additionally, East Dundee is improving the landscaping, as well as purchasing and constructing a parking lot. Johnsen said she also has been working to create a loan program that could help future commercial tenants move into the building.
"The project squares off the downtown," she said. "We are very excited for it to be occupied."
The devil was in the details for the building's residential component, Burnidge said, which includes seven one-bedroom and three two-bedroom apartments ranging from $1,300 to $1,485 per month. Leases have been signed for six units, each of which is slightly different.
The rustic, industrial-style lofts feature exposed-beam ceilings, large windows, granite countertops, retro light fixtures and sliding barn doors to each bedroom. Grills, bicycle storage space and full-size appliances are also included.
The retail space has garnered interest from several experienced restaurateurs, Burnidge said, including a barbecue joint, a Mexican restaurant, a microbrewery and a breakfast and lunch cafe. Each establishment will likely have access to large outdoor patios, and one tenant will also have a second-floor room with rooftop seating overlooking the downtown.
"There's a great view of the bike path and all the village events," Burnidge said, pointing to the building's proximity to The Depot and other downtown businesses. "It'll be an awesome space."