Lake Zurich vetting ideas for downtown

Lake Zurich's derailed downtown redevelopment may be getting back on track after a lull of several months.

Village officials are meeting with developers about restarting projects in downtown after firing master developer McCaffery Interests of Chicago late last year.

The village board is reviewing a proposal by one developer for the site across from the lakefront promenade, along a stretch of Main Street between Lake Street and Mionske Drive.

McCaffery planned to erect a five-story condominium building on the site, but the developer later backed out of the project citing a housing market slump and problems getting a bank loan.

Meetings with three other developers are scheduled for later this month and in March to discuss plans for that lakefront property and other downtown locations.

"It is exciting because the village has been through some very difficult times in this process," Lake Zurich Village Administrator Bob Vitas said. "The village had a master plan for the downtown's redevelopment, and nobody is prepared to abandon all of the time and effort and resources that went into the creation of that plan."

McCaffery's plan for the lakefront site included 32 condos, two restaurants and retail stores at ground level, a two-story parking garage and 12 adjacent townhouses.

Vitas said that design is not etched in stone and officials are open to new ideas.

Several developers are now eyeing the lakefront property. Village officials would like to see something spectacular built there because it would become the focal point of the downtown redevelopment.

"It's always been viewed as a site with great potential," Mayor John Tolomei said Wednesday.

Inland Real Estate Corp. wants to build a similar five-story structure with 52 condos of varying sizes and seven townhouses, but no external parking garage. The condo building would be shorter -- 53 feet -- than the 75-foot Grandview building proposed by McCaffery.

While the scheme matches McCaffery's plan, village officials are concerned about a potential shortage of retail space and parking.

Inland's plan calls for one restaurant and no other retail businesses, limited guest parking at the rear of the building and 60 indoor parking spaces.

Officials are also pursuing smaller redevelopment projects within the downtown area.

"The folks that are coming forward now seem to have a genuine interest in moving the project forward with us," Trustee Craig Taylor said. "Another good indication at this point is they are willing to put some money into it of their own."

The village board will meet with developer Equity Services Group LLC to discuss its plans for the lakefront site and another downtown location at 7 p.m. Wednesday at Lake Zurich village hall, 70 E. Main St.

The board will conduct a special workshop at 1 p.m. March 1 at village hall to vet ideas and concept plans presented by developers thus far. Both meetings are open to the public.

Vitas said if any of the plans match the village's vision for redevelopment, some projects may go forward this year.

"That in itself could be a real boon for the community," he said.