Pending land sale in downtown Lake Zurich will prime pump for redevelopment, officials say
The pending sale of long-held public property in downtown Lake Zurich is a sign the corner is being turned on redevelopment of the area, village leaders say.
Officials on Friday announced a tentative deal to sell 1.35 acres at Main Street and Old Rand Road for construction of five single-family townhouses and 48 one- and two-bedroom apartments. The property, known as Block C, is part of a roster of properties the village bought years ago with the intent of sparking interest.
"This is the first big step the downtown has taken in some time," Village Manager Ray Keller said.
The proposed buyer is Hinsdale-based homebuilder Foxford Communities, which in 2011 acquired and completed 10 unfinished townhouses nearby facing Lake Zurich. Foxford later built 19 more townhouses to finish the Somerset subdivision.
Foxford would pay $270,000 for the property and invest about $350,000 to build a small park and make other streetside improvements.
"It's going to be kind of like a mini square in the heart of downtown," Keller said.
The sale is contingent on village approval. A hearing on Foxford's development request will be conducted by the village's planning and zoning commission at 7 p.m., Wednesday at village hall, 70 East Main St., and streamed live at LakeZurich.org.
"We've lined up the right deal for the right concept at the right time," Mayor Tom Poynton said. "We are all excited for the downtown's long-anticipated redevelopment to take a giant step forward."
A Foxford representative involved with the plan was not immediately available Friday.
Keller said this project and another in the works would begin to create a "critical mass of activity to stimulate other activities." The thought is restaurants and other businesses will follow once a downtown population is established.
Foxford introduced a concept plan for Block C in April 2015. The proposal has evolved to include two rental apartment buildings and five townhouses, and the apartments have been upgraded to include more brick and architectural design detail.
The property does not have frontage on Lake Zurich and is more dense than in a typical suburban setting, Keller said, but it fits what the village is trying to accomplish.
Downtown revitalization has been a priority for staff and elected officials, Poynton said.
Since 2002, Lake Zurich has had a special taxing district in place to revitalize downtown by providing a funding source to pay for property purchases, make general improvements and assist with other development-related costs.
The village spent an estimated $16 million on property purchases in the district, including Block C in 2004, but its development was stymied by the economic downturn.