Engineering Studies to Determine Fate of Riverside Square Plans -BYLN- by Elena Ferrarin Eferrarin@dailyherald.Com
The new owner of Riverside Square in Algonquin wants to finish building it into condominiums and retail space, but will first evaluate engineering studies before making a final decision.
Last week, developer John Breugelmans and Riverside Plaza Developers LLC bought the partially built, vacant development at Routes 31 and 62 for $325,000 from Harris National Association, documents filed with the McHenry County Recorder's office show.
The company lists an address in North Barrington.
Russ Farnum, Algonquin's community development director, said Breugelmans had been working with Harris Bank to buy the property for about a year.
"I believe it is his intent to finish the building as it was proposed, except once he gets into doing the engineering studies of the existing condition of the building,that could change," he said. "A structural review needs to be done."
The building permits sought by the former developer, who defaulted on his loans in 2008, have long expired, and the village will require new studies before granting new permits to Breugelmans, Farnum said.
About a year ago, the village filed a lawsuit against then-owner Amcore Bank to force the demolition of the building based on numerous code violations including safety and fire protection, Farnum said.
The lawsuit's next court date is March 28 in McHenry County. …