Construction is underway near Liberty and Hough streets in Barrington on a mixed-use project that could benefit from TIF funds. | Steve Zalusky/szalusky@dailyherald.com
By Steve Zalusky | Daily Herald
Barrington’s proposed tax increment financing district for the long dormant Golden Triangle qualifies as a blighted area, a consultant told the village board this week.
Meanwhile, work is well underway on the development at 200-300 N. Hough St. that would benefit from TIF funding.
The village board is expected to consider the Liberty and Hough TIF District at its Sept. 23 meeting.
Geoff Dickinson, a partner with SB Friedman Development Advisors, LLC, an economic development consulting firm used by several suburban communities, told the village board at Monday’s hearing that the proposed Liberty and Hough TIF District would qualify as a blighted area.
Redevelopment of the 10-acre “Golden Triangle” area has been a priority of the village for more than 20 years. The cost of consolidating property and environmental cleanup requirements have stalled redevelopment.
Car condos will be part of a mixed-use development in Barrington’s “Golden Triangle.” | Steve Zalusky/szalusky@dailyherald.com
Now, however, Barrington resident Joe Taylor III of Compasspoint Development is developing the site with 125 apartment units, approximately 13,000-square-feet of restaurant and retail and the MotorCave Auto Suites, a space for car enthusiasts to keep and display their vehicles.
Construction is already underway, and OKW Architects, the project architect reports the car condos are nearly sold out.
Read more here.
Related: “MotorCave Suites: For-sale personal auto museum showrooms and entertainment Spaces for Chicago area collectors” “Barrington village manager gets 12.5% pay hike,” “Barrington-area leaders tout growth at annual economic summit,” “Barrington pins high hopes on Golden Triangle development,” “Luxury apartments, restaurants. What Barrington might do with its ‘Golden Triangle’,” “Apartments, storage for high-end cars proposed for downtown Barrington”
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