Tallest building in South Elgin on schedule to open in winter
The tallest residential building in South Elgin is on schedule to open this winter and the village has commissioned plans for amenities at the adjacent Panton Mill Park, officials said.
The village board on Monday approved a $45,400 contract for a design and construction estimate by Wight & Company of Darien. The village will use tax-increment financing funds to pay for that and future work at Panton Mill Park, and also hopes to get grant money for the project, Parks and Recreation Director Kim Wascher said. The park hosts the village's summer festival Riverfest Express.
The developer of the four-story Panton Mill Station at 355 N. La Fox St. (Route 31) will build a band shell at the park. Other amenities to be built by the village could include a riverwalk path, restrooms and a shelter, plus landscaping improvements.
"This is all stuff that I think everybody up here really wants. As long as we can come up with the financing, and that's what TIF dollars are for, this is going to be fantastic," Village President Steve Ward said.
"It's a great idea," Trustee John Sweet agreed.
Trustee Lisa Ward said she had envisioned a splash pad for the park; Community Development Director Nancy Hill said it can be looked into.
The park's design is expected to be done in about four months and then the village will host a community open house, Hill said. The final plan will need approval from the village board. "We anticipate plenty of opportunity for feedback from both the village board and the public," she said.
Philip Domenico of Synergy Construction Group of Chicago, the developer of Panton Mill Station, said Tuesday the $19.3 million project is proceeding on budget and on track. Construction began in late summer for the building that will have 100 one- and two-bedroom apartments. "We're on schedule to open this winter," he said. "We're going to start marketing and we will update our website with floor plans and pricing in September."
The developer also will build a bus stop shelter at Route 31 and Kane Street.
The developer has received about three to four inquiries per week about the building, Domenico said. "We have been pleasantly surprised," he said.
As per an agreement with the village, Synergy Construction Group is getting up to $2.5 million in tax increment financing money over the next eight years. The village is getting about $500,000 in park impact fees and $1.2 million in building permit fees, which village officials last year called "a really good deal."