Barrington approves redevelopment agreement on Golden Triangle

Barrington trustees Monday put the final touches on a redevelopment agreement for a mixed-use project on Hough Street between the Union Pacific and Canadian National Railway tracks.

The location is officially known as Redevelopment Area #1, but is also dubbed the Golden Triangle.

Joe Taylor III of Compasspoint Development plans to redevelop the former site of the Market Center building and a Volvo dealership at on North Hough Street. The $90 million project includes a four-story building, the Mylo, with 125 residential units and approximately 12,000 square feet of restaurant and retail space — Taylor said he is negotiating a high-end restaurant lease for 6,000 square feet.

It will also include the MotorCave Auto Suites, a place for car enthusiasts to keep and display their vehicles.

The arrangement ties into the village’s plans to build Park Avenue Plaza, a community gathering space and al fresco dining spot. Taylor said he has agreed to build the plaza on Park Avenue between Cook and Station streets with his own funds.

The redevelopment agreement calls for a “pay-as-you-go” tax increment financing deal worth $17 million. The village will issue two separate notes: One for $16 million upon substantial completion of the mixed-use building and the Park Avenue Plaza project, and an additional $1 million once half the retail space is leased.

Taylor said most of the site work is done on the project. He noted it has taken nearly four years just to get to a starting point in construction.