Condominiums proposed for struggling Addison tract

For several years, 6 acres in Addison filled with floodplains, wetlands and a handful of vacant houses has remained mostly unused.

Some village officials admit the area on the north side of Fullerton Avenue, about a mile west of Addison Road, is blighted.

Now, two developers are asking Addison to consider creating a tax increment financing district that would allow them to build two new condominium buildings on this site.

On Monday, the village board gave a nod to developers System 27 Corporation and Contrende Company to begin formal proceedings to build their Lake Manor Park Condominium project.

The two-building project proposes 100 condo units projected to sell for $190,000 to $250,000. The 4½-story buildings would also include underground parking garages.

Village officials said there should be fewer condos selling at higher prices, and the developers agreed to compromise.

"I'm thinking the price level is way too low in terms of what we approve for our projects," said Trustee Richard Veenstra. "We are looking to decrease density and we're hoping more for 35 units in each building."

Assistant Village Manager John Berley said Monday's discussion was just preliminary.

"(The developers) just want to make sure the board is comfortable with the project before they spend a lot of money locking up the land and costs for architects and engineers," he said.

The proposed condo site was involuntarily annexed into the village about two years ago, when officials heard rumors about mobile phone companies looking to build towers there.

Since then, the site has remained mostly vacant due to poor building conditions. If the developers proceed with their plans through formal village hearings, Berley said workers must replace poor soil and reshape the floodplain and wetlands to allow the buildings to be constructed closer to Fullerton.

They project this will cost $4 million to $5 million. And developers said in a letter to the village that, eventually, the condos would add to the village's tax base by more than $1 million.

"It's very expensive and they are saying that justifies their request for a TIF district," said Berley.

"But the common sense point of view is, if you were to see this property, it's blighted. I don't know anyone who would want to live in these houses and it's hard to imagine what else could get built there."