With demolition work nearly done, Fox River Grove talking to developers to create new downtown

A crew does demolition work on a row of buildings in downtown Fox River Grove on May 21. The village hopes to redevelop the block.
Diana Wallace/Shaw Media

As a block of buildings in downtown Fox River Grove is demolished into a grassy lot, village officials are in talks with multiple developers to create a new downtown.

Village officials have been aiming to revitalize the downtown parcels, called Block B and located between Illinois Street and Lincoln Avenue along Northwest Highway, for several years. To facilitate the development, the village spent $3.5 million to acquire nine parcels from five owners over three years. The village also created a tax increment financing, or TIF, district to help pay for redevelopment.

A previous developer proposed construction of a five-story, mixed-use building with 8,600 square feet of commercial space with 150 apartment units. The village’s goal is to have a mixed-use development of apartments with retail, but the market ultimately will determine what will replace the block, Village Administrator Derek Soderholm said.

The village is in talks with “several developers,” but no agreements have been made yet, he said.

The village completed asbestos abatement in April and started demolition earlier this month. The village board unanimously approved Omega III LLC bid to complete the demolition for $350,000 in March.

“The demolition of the buildings on Block B signifies a significant step forward in Fox River Grove’s downtown revitalization efforts,” Village President Marc McLaughlin said in the release. “We hope that removal of this blight will help set the stage for the future developer of this premier location in the downtown.”

All structures have been demolished and foundations and debris is being cleared. Weather permitting, the demolition should be completed by June 15, Soderholm said.

The board previously discussed marketing incentive packages for future developers in order to jump start construction on the block. Board members are open to cutting village fees like building permit costs and park fees.

Source link

Leave a Comment