Condos developer sent back to drawing board
ALGONQUIN – After heated debate, the Village Board on Tuesday disapproved of a developer’s short-term plan to turn the unfinished Riverside Plaza development into smaller, rental apartments.
The board took no formal action but indicated, 5-2, that developer John Breugelmans’ plan for 69 rental units instead of 54 owner-occupied condominiums does not satisfy the board’s vision of attracting affluent property owners to downtown Algonquin.
The board instructed Breugelmans, of Lakeland Asset Management, to continue meeting with village officials to create fewer and more spacious rental units that could be transformed into condos when the real estate market improves.
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