QLTS: Developer eyes Lake Zurich for Mega-Restaurant Facility
Developer eyes Lake Zurich for mega-restaurant facility
A mega-restaurant and banquet facility on West Main Street has been the first of several redevelopment projects proposed in downtown Lake Zurich.
The old Bank of America building at 35 W. Main Street is expected to be converted to a dining facility with three upscale restaurants, a wine cellar, multiple bars, a coffee shop and a rooftop bar and restaurant. Renovating the 34,000-square-foot building could cost $8 million, developer David Smith said.
"We gutted everything and we're completely transforming the building. We're even going to have a drive-up coffee service," Smith said. "It will, I promise you, be a destination."
The hospitality facility is the first large project in the redevelopment of downtown Lake Zurich, where village officials hope a tax increment financing district will attract more businesses.
"We are always looking for opportunities. If someone has an interest in something, we will talk with them and partner with them to make something happen," said Jason Slowinski, village manager.
As part of the TIF program, officials recently agreed to provide $50,000 and permit fee waivers to help with the expansion of DiPiero's Ristorante on East Main Street. Village officials might also help provide funding for other projects, including Smith's restaurants. When plans for the restaurant facility are introduced, officials and the developers will determine the needs and how the village might be able to help financially.
"This is the first major investment in the TIF area," Smith said. "It's a big deal."
Smith said his company has more plans for Lake Zurich, including a European-style boutique hotel and spa near the newer multicolored town houses. Smith, who developed a major real estate project in Barrington, became interested in Lake Zurich because of its potential.
"I started to look at Lake Zurich and I thought, 'Wow it really needs help,'" Smith said. "We're interested in much more involvement than this project."
Village officials are seeking a developer for the property on West Main Street across from the promenade that they bought for about $4 million. The parcel, which was once JJ Twiggs Pizza, is included in a six-point redevelopment and marketing plan to enhance the appearance of downtown, promote events, promote investment, develop specific sites, strengthen the long-term fiscal outlook for the TIF district and "pay attention to the intangibles."
The JJ Twiggs property is at the top of the village's redevelopment list and the village has asked for developers to submit letters of interest to develop it. One developer expressed interest last month, Slowinski said.
"We have put together a process to select a developer," he said. "At this point in time, I would envision it to be some kind of mixed-use property — some component residential and some retail."
Also on the list for redevelopment is the old Alpine Medical building on South Old Rand Road, which the village purchased in 2006 for about $1.5 million.
"There is nearly $30 million in debt outstanding in the TIF district that was issued to acquire several downtown parcels. We need to increase the TIF district revenues," Trustee Jonathan Sprawka said. "Secondarily, we need to revitalize downtown and make it a destination place that residents are looking for. It's going to be challenging to find developers to come in beyond the folks who have already come, but we are trying our best. The economics of downtown are a challenge. But once you get that first large-scale redevelopment effort, then that will entice additional developers."
http://articles.chicagotribune.com/2013-12-12/news/ct-lake-zurich-downtown-restaurant-tl-20131212_1_lake-zurich-south-old-rand-road-jason-slowinski
Developer eyes Lake Zurich for mega-restaurant facility
A mega-restaurant and banquet facility on West Main Street has been the first of several redevelopment projects proposed in downtown Lake Zurich.
The old Bank of America building at 35 W. Main Street is expected to be converted to a dining facility with three upscale restaurants, a wine cellar, multiple bars, a coffee shop and a rooftop bar and restaurant. Renovating the 34,000-square-foot building could cost $8 million, developer David Smith said.
"We gutted everything and we're completely transforming the building. We're even going to have a drive-up coffee service," Smith said. "It will, I promise you, be a destination."
The hospitality facility is the first large project in the redevelopment of downtown Lake Zurich, where village officials hope a tax increment financing district will attract more businesses.
"We are always looking for opportunities. If someone has an interest in something, we will talk with them and partner with them to make something happen," said Jason Slowinski, village manager.
As part of the TIF program, officials recently agreed to provide $50,000 and permit fee waivers to help with the expansion of DiPiero's Ristorante on East Main Street. Village officials might also help provide funding for other projects, including Smith's restaurants. When plans for the restaurant facility are introduced, officials and the developers will determine the needs and how the village might be able to help financially.
"This is the first major investment in the TIF area," Smith said. "It's a big deal."
Smith said his company has more plans for Lake Zurich, including a European-style boutique hotel and spa near the newer multicolored town houses. Smith, who developed a major real estate project in Barrington, became interested in Lake Zurich because of its potential.
"I started to look at Lake Zurich and I thought, 'Wow it really needs help,'" Smith said. "We're interested in much more involvement than this project."
Village officials are seeking a developer for the property on West Main Street across from the promenade that they bought for about $4 million. The parcel, which was once JJ Twiggs Pizza, is included in a six-point redevelopment and marketing plan to enhance the appearance of downtown, promote events, promote investment, develop specific sites, strengthen the long-term fiscal outlook for the TIF district and "pay attention to the intangibles."
The JJ Twiggs property is at the top of the village's redevelopment list and the village has asked for developers to submit letters of interest to develop it. One developer expressed interest last month, Slowinski said.
"We have put together a process to select a developer," he said. "At this point in time, I would envision it to be some kind of mixed-use property — some component residential and some retail."
Also on the list for redevelopment is the old Alpine Medical building on South Old Rand Road, which the village purchased in 2006 for about $1.5 million.
"There is nearly $30 million in debt outstanding in the TIF district that was issued to acquire several downtown parcels. We need to increase the TIF district revenues," Trustee Jonathan Sprawka said. "Secondarily, we need to revitalize downtown and make it a destination place that residents are looking for. It's going to be challenging to find developers to come in beyond the folks who have already come, but we are trying our best. The economics of downtown are a challenge. But once you get that first large-scale redevelopment effort, then that will entice additional developers."
http://articles.chicagotribune.com/2013-12-12/news/ct-lake-zurich-downtown-restaurant-tl-20131212_1_lake-zurich-south-old-rand-road-jason-slowinski
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