New Korean BBQ another sign of downtown Lake Zurich's renewal
It's been a busy week for Song Choe and his wife, Haesoon, who initially considered another location in Lake Zurich to open a restaurant but have found early success downtown.
Their recent opening of Korean BBQ on the Lake, 133 W. Main St., brings a new flavor to the area.
"On Saturday, we ran out of ingredients and had to close a little early," Choe said after Wednesday's lunch rush. "It looks like word is out."
The conversion of the former village-owned property with a view of the town's namesake lake is another step in a decadeslong mission to attract reinvestment to Lake Zurich's Main Street District.
"This was one of the properties acquired by the village 20 years ago," said Kyle Kordell, assistant to the village manager. The sale of the building to Choe and its renovation for a private business is part of a bigger picture involving the rejuvenation of the downtown area, he added.
The husband-and-wife team opened Blue Ridge Korean BBQ in Park Ridge in 2016 as a small operation specializing in takeout. It earned high marks, but the couple were looking to move to a new area and eventually sold the business.
In October 2019, Choe presented Lake Zurich officials with plans to convert a 900-square foot building on North Rand Road for the business. Trustees urged him to look downtown instead.
Choe opted to buy the building at 133 West Main St. for $165,000, paying $100,000 up front. The $65,000 balance of the purchase price and $64,000 for water, sewer and other infrastructure work will be paid in equal installments over 15 years.
Because the building is in a tax increment financing district, the outstanding balance will be paid through a portion of Choe's property taxes resulting from the increased value based on the improvements made.
The total investment for the purchase and renovation costs is $415,000, according to village documents.
"This is a big success story," Kordell said. "The village is thrilled Mr. Choe and his small business survived the pandemic climate and are now ready to thrive in a new lakeside location in their new home, Lake Zurich."
In related downtown news, the sale of village-owned vacant land at Old Rand Road and Main Street to the owners of Lake Zurich Florist just closed. A two-story mixed-use building with commercial space on the first floor and four residential units above is planned.
Also, the redevelopment of the former Bank of American building for a high-end restaurant/banquet facility called Vault 232 is nearly complete, with an opening possibly at the end of April.The village still holds two vacant properties to be developed. Block A is across from the promenade on Main Street. Block B is a block east and includes several parcels. No specific plans for either have been proposed.