Luxury apartments being built in downtown Barrington
Work began this week on a new 64-unit luxury apartment building at Hough and Liberty streets in downtown Barrington, which developers say will be ready for its first tenants early next year.
The four-story building, called 101 West after its address on Liberty Street, will feature a rooftop terrace, underground parking, community lounge and fitness center for residents.
The development will be the first apartment building of its size built in the village, but Gary Kachadurian, a partner at developer Monroe Residential Partners, said he believes the demand exists.
"I've been in the apartment business for 30 years and have watched it go from a renter-by-need business to what today is renters-by-choice," Kachadurian said. "A number of people who are Boomers like myself, who might want to spend part of the year in Florida or Arizona, who maintain a place here to come back to but spend these wonderful gray, cold days in another climate."
The apartments are going up on the former site of Adco Van & Storage. The village bought the land in 2001 and leased it to Adco Van & Storage until 2010.
Peggy Blanchard, the village's economic development director, said Barrington sold the land to Monroe Residential Partners for $862,000 in December, after the developer's plan was approved by the village board.
The two sides agreed that the sale price would be based on the number of apartment units approved. The price started at $750,000 based on 50 units, and rose to the accepted sale price based on the 14 additional units trustees allowed.
The building will be located in The Triangle, the traditionally industrial area just east of where the two train lines meet. Kachadurian said the building was designed to acknowledge the area's industrial and manufacturing past. He cited details like the building's masonry, metal trim and the hanging balconies similar to what's found in Chicago's River West neighborhood.
The building will be three stories near Hough Street but four stories in the rear near the train tracks. Kachadurian said the plan was drawn up that way so it would seem less imposing to pedestrians and passing drivers.
Kachadurian said the work underway this week includes digging the underground parking lot. The developer will set up a leasing office in Barrington when the building is closer to being completed.