Algonquin's Riverside seeks OK for rentals
ALGONQUIN – Riverside Plaza wants to switch its residential development from condos to renter-occupied apartments, as another high-end development in the county has done.
As the housing market continues to struggle, developers of the Riverside Plaza want to switch gears and build 69 smaller rental units instead of 54 owner-occupied condos.
Despite having $3 million in equity in the project, developer John Breugelmans has said he was unable to secure an $8.5 million construction loan after talking with a dozen lenders. Lenders weren’t interested in financing condos, which could take years to sell, but they might be interested in financing a rental development.
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