Riverside Plaza developer hopes to finish two sidewalks by Dec. 31
By the end of the year, at least half the sidewalks lining Riverside Plaza in downtown Algonquin should look a lot better.
That is, if the weather cooperates.
The 54-unit condo development has been a work in progress for several years, after the initial builder defaulted on his loans in 2008. Developer John Breugelmans bought it from Harris Bank in March, and completed the exterior this summer.
Breugelmans said he wants to rebuild the sidewalks on Route 62 and Harrison Street by Dec. 31, but it’s dependent on the temperature gauge. “If it gets too cold, we cannot pour the concrete,” he said.
In that case, the work will be completed early next spring, when new sidewalks on Route 31 and Front Street will also be rebuilt, he said.
As per a contract established earlier this year between the village and Breugelmans, the village will reimburse Breugelmans for all sidewalk and landscaping improvements done on village property, Village President John Schmitt said. This week, the amount to be reimbursed by the village was capped at $350,000 in an amended agreement, which also states Breugelmans will be paid July 1, Schmitt said.
“We don’t have it in our budget to pay him (this fiscal year). We are reimbursing him for that work next year,” he said.
The sidewalks have suffered extensive damage from the construction process, Algonquin Community Development Director Russ Farnum said. The plans for the improvements were designed by village engineers, and include brick paver sidewalks, decorative streetlights, benches and trees, he said.
The initial contract also stated Breugelmans had to present a $500,000 letter of credit and proof of financing by July 15. That deadline was later extended to Dec. 1, and Breugelmans said he will meet the upcoming deadline and present all necessary documents.
Breugelmans said several units are under contract, but declined to specify how many. Two-bedroom, two-bathroom units range from $234,740 to $371,360 depending on square footage, while larger units run $446,030, according to the development’s website.