Elgin gives preliminary approval for downtown apartment plan
The Elgin City Council committee of the whole gave unanimous preliminary approval Wednesday for a plan to redevelop Elgin's first steelframe building at 40 DuPage Court in to a mixed-use commercial and apartment property.
The proposal, by Legend Partners, LLC, would transform the five-story office building into "The Courtyard at 40," an $11.34 million redevelopment featuring approximately 4,500 square feet of ground-floor commercial space with the four upper floors being a mix of 40 studio, one- and two-bedroom, market-rate apartments.
Legend Partners expects to receive $3 million from the sale of federal and state historic tax credits and is requesting a $3.15 million city investment. The redevelopment agreement includes a contingency provision for additional TIF funds should the project encounter unforeseen circumstances, not exceeding $3.93 million.
Council members were united in praise and anticipation for the project.
"It's a really exciting project and I'm pleased to see it move forward," said Councilwoman Tish Powell. "I know it took a lot to get it to this point, but I think it's really going to be a nice addition for our downtown and our community.
Each of the top four floors will have 10 apartment units. The unit mix includes eight two-bedroom apartments with expected rents of about $1,250 to $1,300 per month. There will be 12 one-bedroom apartments expected to rent for $1,100 per month and 20 studio apartments expected to rent for $950 to $1,000 per month.
Originally known as the Spurling Block Building when it was built in 1893, the building was modernized in 1957 and became the home to the Elgin Courier News. It was renamed the Elgin Commerce Building decades later. Legend Partners purchased the building along with 30 DuPage Court in 2014.
The top floor of 40 DuPage Court is currently occupied by two tenants, taking about 70% of the space. The second, third and fourth floors are entirely vacant. Existing ground-floor tenants include Mama Lee's Popcorn, Razor Heads Barbershop and mini office suites. Mama Lee's Popcorn is considering taking a larger ground-floor space after the renovations are complete.
Legend Partners Project Manager Heidi Lapin said the company will try to limit the impact of construction on the first-floor commercial tenants.
"We want to deliver a project that the mayor and council are proud of," she said.
She said the project will take about a year.
Mayor David Kaptain said the project lines up with their longtime development goals. "We wanted to bring residential to downtown, and this certainly follows through into that concept. And we hope to see more of those in the future," Kaptain said.
"That'll be what is the key and the trigger for the success of the downtown."