Monday, October 22, 2012

Work Resumes For Other Stalled Algonquin Apartment Project

Algonquin's Corporate Parkway's been clogged with barricades for the past week thanks to the resumption of work for the Esplanade's Windsor Square apartment project.  Financing to build the complex finally came through two weeks ago, according to Algonquin Community Development Director, Russ Farnum.

As originally proposed in 2005, the project south of Algonquin Commons would have featured 120 apartments and 60,000 square feet of office and retail space. But when the economy got wobbly in 2008 developers said they'd have to ditch some of the commercial space in favor or more housing.  The Village Board wasn't too thrilled with that but finally decided half a loaf was better than nothing.  However, as preliminary work was getting underway the wheels fell completely off real estate and banks withdrew support for the project.  "They actually got a lot of utility and sewer work done," said Farnum.  What's going on now is finishing that off, he said.

The latest iteration of Windsor Square calls for 220 apartment units and 40,000 square feet of commercial space.  If that goes right, developers say they might add another 60 apts.

In the pic:  An architects' sketch of Windsor Square apartments in Algonquin's Esplanade.

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