Algonquin Town Center could get multimillion-dollar facelift

The revival of the largely vacant Algonquin Town Center could begin this year with a multimillion-dollar facelift.

A new building facade, updated signage, a restructured parking lot, and landscaping improvements are proposed for the 30-year-old strip mall on East Algonquin Road, according to village documents.

The property was purchased last December by Schaumburg-based DTS Properties LLC, which has hired a real estate broker to start marketing the site. Developers believe the renovations are necessary for securing new tenants, which could include a grocery store, restaurants and other neighborhood services, architect Mehran Farahmandpour said.

"It's going to be a very substantial initial investment in the property," he said. "The hope is that new tenants will be attracted to the location."

The project is expected to give a welcomed economic boost to an area of Algonquin that officials have been targeting for new development, senior planner Ben Mason said. A market analysis completed in 2015 recommended bringing in service companies and destination businesses to spur activity along the East Algonquin Road corridor.

"Those more specialty or niche types of businesses may draw ... residents and customers from beyond the immediate vicinity," Mason said.

The Algonquin Town Center is roughly 75 percent vacant and lacks an anchor store after the Butera Market left more than a year ago, Farahmandpour said. The number of tenant spaces available will be dependent on the amount of square footage needed by each new business, he said.

Trustees are expected to review the proposal during a committee of the whole meeting Tuesday. If the full village board approves the project April 3, construction will likely begin this spring and be completed by the end of the year.

"The shopping center is one of the oldest in town and has not had many improvements in the last couple of decades, so a new facade and landscaping and parking lot will serve as a big attraction for new businesses and customers," Mason said. "This is highly anticipated by the village."