Developers again eyeing prime lakefront property in Lake Zurich

Lake Zurich's dormant downtown redevelopment may get a jump start if talks with several developers come to fruition.

The village board recently met with one developer to review a proposal for the site across from the lakefront promenade, along a stretch of Main Street between Lake Street and Mionske Drive.

A five-story condominium building was planned for the site, but the village's master developer, McCaffery Interests of Chicago, backed out of the project and blamed a housing market slump for problems getting a bank loan.

The village severed ties with McCaffery late last year. Officials will now meet with three other developers this month and in March about re-starting projects in downtown.

"It is exciting because the village has been through some very difficult times in this process," Village Administrator Bob Vitas said. "The vil-lage had a master plan for the downtown's redevelopment, and nobody is prepared to abandon all of the time and effort and resource that went into the creation of that plan."

McCaffery's plan for the lakefront site had included a 32-unit, five-story condominium building with two restaurants and retail at ground level, a two-story parking garage and 12 adjacent townhouses.

Inland Real Estate Corporation is now proposing a similar five-story structure with 52 condos, seven townhouses, and no external parking ga-rage on the same site.

Several developers are now eyeing the lakefront property.

Village officials are also pursuing smaller redevelopment projects within the downtown area. It is likely some plans may move forward this year.