Riverside Plaza moving forward in Algonquin

Residents of Algonquin shouldn't get too excited this week if they see workers remove the tattered Tyvek wrap off the long-stalled Riverside Plaza development in downtown Algonquin.

For now, the old wrap will simply be replaced with new Tyvek, said Russ Farnum, the village's community development director.

However, a settlement agreement the village reached in April with developer John Breugelmans states that the brick exterior of the building at Routes 31 and 62 has to be completed by July 31. “Hopefully it won't be Tyvek Tower for much longer,” Farnum added, referring to the nickname the project earned among locals.

Breugelmans bought Riverside Plaza from Harris National Association in March, after the original developer defaulted on his loans in 2008. The settlement was for a lawsuit the village filed last year seeking demolition of the vacant building.

Engineering studies show that the building is structurally sound, Farnum said. Wet spots and mold caused by roof leaks are being addressed, and further testing will be done to ensure all the moisture is gone, he added.

Final architectural plans are also due July 31, he said. Plans call for retail on the first floor with 1-, 2- and 3-bedroom condos on top, and a two-level underground parking garage.

The April settlement did not address the interior work, Farnum said. “Our board was focused on getting the outside of the building done. We set up those deadlines, and then, as the market would allow it, the completion of the interior will take place,” he said.

Breugelmans will be allowed to complete construction floor by floor if sales are lagging. “We're working with the owners and trying to keep it moving forward,” Farnum said.