‘Density is overwhelming’: Can developers address concerns for proposed apartment community in Lake Zurich?

Though questions remain on density, traffic, handling stormwater and other aspects of what would be Lake Zurich’s largest rental community, with adjustments village officials may be open to a residential use on the Regal cinema property.

Whether developers of June Terrace, described as a high-end rental community with 282 apartments in eight 3-story buildings, are able to or willing to make those changes and proceed to a formal review process is to be determined.

“The density is overwhelming. I think it’s a lot of units for a tight space,” village Trustee Marc Spacone said Monday during a nonvoting courtesy review of the project.

A consensus of trustees agreed with some saying high-density residential wasn’t the best use in that location. However, it was noted due to a changing marketplace, a plan for traditional retail or a broader mix of uses may not materialize when the property is sold.

“I don’t know what the answer to that property is,” said Mayor Tom Poynton. “It’s going to get developed one way or another.”

Whether the proposal can be scaled down or otherwise adjusted enough to win over a majority of the board remains to be seen.

“I’m not opposed to the concept,” Spacone said. “I just think there’s some significant details that really need to be worked out there to make sure that it’s going to be manageable in terms of the traffic flow and the density.”

A clearer picture is expected after staff this week meets with developers to discuss comments received during the courtesy review.

As proposed, MJK Real Estate Holding company would build a fast food restaurant on an outlot with the June Terrace rental community occupying most of the remaining property.

The 20-acre site at 755 S. Rand Road is referred to as the Regal property. The theater would require significant investment to modernize and has been for sale, according to Erik Hahn, vice president of acquisitions for Continental.

He said the project represents an $80 million investment and would revitalize the area.

“As far as we know there are several suitors,” for the Regal property, Hahn told the village board. “We have an exclusive agreement to purchase the property.”

A privately-owned national real estate developer based in Menonomee Falls, Wisconsin, Continental has completed, is working on or has approvals for projects in several suburbs including Crystal Lake, Deerfield, St. Charles, Aurora, Lockport and Mundelein.

Representatives from both firms presented concepts to the village board.

Richard Silverman, vice president of development for MJK, is opening a 7 Brew Coffee at 880 S. Rand Road in Lake Zurich later this month. He said an extensive retail project on the Regal site isn't feasible due to a change in shopping habits.

Hahn said the project would expand limited housing options for empty-nesters and young professionals.

“We are reasonably confident that they will proceed with a formal submission for the development,” said Michael Duebner, assistant village manager.