Wednesday, January 19, 2011

Board Plans For Riverside Square Sale--Probably

The Village of Algonquin Board raced through a ho-hum agenda Tuesday and then scurried into closed session to discuss "pending litigation."  Which pending litigation wasn't disclosed but a good bet was on the Village's suit to tear down Riverside Square and what to do with it if the moldering Downtown condo complex sells at bankruptcy auction tomorrow.

Trustees and Village staff were closed-mouthed when they came back but reading between the lines of their elliptical comments the conclusion was probably "it depends."  Riverside Square was supposed to be 54 upscale condominiums and at least 4 similarly tony retail shops but the concept was hatched at the height of the real estate bubble and doesn't seem very likely now.  The questions are what would a buyer want to do with the half-finished and decaying project, what would the Board accept and how much longer will they wait for it?  The answers depend on whether there's a buyer at all.

Riverside Square was tipped into bankruptcy over two years ago and last year the Village ran out of patience declaring it in violation of eight different village ordinances and a safety hazard. Later Algonquin went to Circuit Court requesting an order to tear the structure down since no one was trying to fix it.

The minimum bid on the project is $1.25 million and at that price even in a stalled housing market there seems to be some level of interest.  Last night, for instance, someone in the Chicago area read every story FEN's ever written about Riverside Square.

While trustees wouldn't talk about litigation they were happy to chat about rain barrels and composters.  They're for them and the Village is going to sell them in partnership with the McHenry County Land Conservancy.  The Conservancy will do the electronic paperwork on each sale (http://www.conservemc.org/RainbarrelsNEW.htm ) but residents can pick them up in the village instead of driving to Woodstock and back.  There's a small profit to the Village on the things and Manager Bill Ganek said that would go to help pay for Algonquin's ECO Committee.

In the pic:  Algonquin Trustee Debby Sosine impersonates Betty Furness to convince fellow trustee Jerry Glogowski his life isn't complete without an eco-friendly 50-gallon rain barrel.

5 comments :

Anonymous said...

Wow, Just when I thought you couldn't possibly bore me any more. You managed to top yourself congrats! "Pure pablum"

Get a real job and stop clogging up the internet with your useless drivel.

Anonymous said...

If you don't like it, don't read it. If you live in Algonquin, this is interesting and FEN gets things right more often than the dailies.

Anonymous said...

Anonymous #1 must be from one of the "other" print or web media. FEN is always on top of it and gets the details. So as #2 states "don't like it, don't read it". Basically, "stuff it"!

Jonathan

Anonymous said...

This website, rather than "clogging up" the interwebs, is becoming my 1st choice for news that actually affects my community.

I look forward to seeing the auction results here, since the other online news sources don't seem to follow up!

First Electric Newspaper LLC said...

Thanks, Folks. I accidentally found out who wrote the original comment. Let's just say it was someone who doesn't live here but has an ax to grind.

Riverside Square didn't sell. Story in the morning. I've got to get some sleep.

Still, by the way, a lot of people outclicking for rainbarrels.--ed.