Lake Zurich closes sale of downtown site for apartment development
Lake Zurich has closed its sale of the 1.35-acre downtown area known as Block C to Foxford Communities for the development of 48 apartment units in two buildings, village officials announced Thursday.
The development called Somerset by the Lake is planned for the northwest corner of Main Street and Old Rand Road. It will include 12 one-bedroom apartments and 36 two-bedroom units.
Village leaders hailed the project as a major step in the revitalization of Lake Zurich's downtown.
"This development will bring additional people downtown who will support the shops and restaurants currently here and help attract new downtown destination projects," Mayor Tom Poynton said in an announcement of Thursday's closing. "Economic development professionals call this 'retail follows rooftops' and having a critical mass of people living downtown will boost other business recruitment efforts."
The village board approved the development in November.
Foxford Communities' Tim Kellogg called the development "a vibrant, pedestrian-friendly plan that will contribute to the resurgence of the downtown district."
Groundbreaking for the buildings is scheduled for Monday. Construction is expected to be complete around March 2019.
The village sold the long-vacant property for $270,000. Those funds now will go to further other downtown improvements, such as the underground burial of overhead utility lines on Main Street and a public plaza at the intersection of Old Rand and Main, officials said.