Lake Zurich leaders hope sale of key lakefront property will spark redevelopment
After more than 20 years of potential and proposals that haven’t materialized, Lake Zurich officials are hoping a prime property downtown finally will be developed and boost ongoing revitalization efforts.
Rather than field pitches at informal courtesy reviews for 10 consolidated open parcels facing the namesake lake and a promenade, officials Monday agreed to sell what is known as Block A for $1.05 million to a builder/developer who approached them with an offer.
The contract with Deerfield-based THG Holdings LLC has a 90-day “feasibility period” for the company at its own expense to review the property in detail for engineering issues or environmental risks associated with their proposed use.
If the contract isn’t terminated within that period, THG will have 120 days to secure engineering and architectural approvals from the village for the development of at least 18 townhouses and a 10,000-square-foot commercial building on the 1.7-acre site at 173 W. Main St.
“The village has built all the protections into the sales agreement,” said Michael Duebner, assistant village manager. “We’ve seen some rough concepts. It’s a viable project.”
Village officials confirmed the townhouses would be for sale not rent and emphasized the importance of a commercial element that would be good for buyers and the community in general.
“The commercial property will be a huge win if done right,” said Trustee Roger Sugrue.
THG, which stands for The Huron Group, has been building homes in northern Illinois and southern Wisconsin for 40 years including recent projects in Wauconda, Vernon Hills, Libertyville, Highland Park and Buffalo Grove.
The village acquired the parcels that comprise Block A in 2004 and 2006, cleared the site and made it available for sale and development. THG President Derick Goodman, who said the company tries to find “great infill pieces” to develop, made the village an offer in February.
“We’re really enthusiastic,” he told the village board before the vote. He said the company will proceed with its assessment and subsequent proposal for review and final approval as quickly as the village process can move.
Duebner said an email from Goodman was awaiting when he came to work Tuesday morning. A meeting of the village development team of representatives from all applicable departments and Goodman is planned for this week, Duebner added.
“This type of project is in their wheelhouse,” Duebner said. “This has legs. I think there’s a good possibility this will carry all the way through.”
Two separate concepts for Block A, both involving a mix of apartments above ground-floor businesses, were presented last year to the village board for courtesy reviews but neither proceeded and the village renewed its marketing effort.
Mayor Tom Poynton noted that with this sale the village will have dispensed with all but one of the 32 properties purchased by past regimes.