Developer passes on waterfront property in downtown Lake Zurich
While one company has decided against pursuing development on prime waterfront land in downtown Lake Zurich, two others are showing interest, according to the top village hall employee.
Village Manager Jason Slowinski provided elected officials with an update this week regarding the roughly 2-acre site that cost taxpayers $3.6 million as part of a long-stalled effort to revitalize downtown.
Slowinski told the village board that Harbour Contractors Inc. has decided against proceeding with a project for the lakefront site. However, he added, the village has cultivated interest in the property from other developers that haven't been publicly named.
"At this point in time, we're just involved in information sharing, more information gathering on their end," Slowinski said. "But I suspect both will continue to remain interested in a project there and that, at some point in time, we'll need to have some type of vetting process established to bring one of the two forward."
Plainfield-based Harbour, in a memo of understanding with the village, had until July 1 to submit a development plan for the 2 acres overlooking the village's namesake lake. Harbour would have led a team that tentatively intended to build apartments.
Company owner Patrick C. Harbour didn't return a message seeking comment Friday.
In October 2013, Lake Zurich's elected officials endorsed the village planner's recommendation to reject a developer's offer to pay $10 for the $3.6 million site.
Developer John Breugelmans had wanted to erect a four-story building with 66 apartments, along with a restaurant, bar, coffee shop and hair salon. After his proposal was rejected, Breugelmans called Lake Zurich's staff "a disaster" and directed foul language at the officials.
Lake Zurich has had a special taxing zone designed to attract downtown redevelopment since 2002. The village has about $28 million in outstanding debt associated with the effort.