After nearly a year of negotiations with Compasspoint Development, Barrington has a redevelopment agreement for the “Golden Triangle” worth $17 million ready for village board approval. | Paul Valade/pvalade@dailyherald.com
By Steve Zalusky | Daily Herald
After nearly a year of negotiations with Compasspoint Development, Barrington is nearing a redevelopment agreement for a mixed-use project within the village’s “Golden Triangle.”
Village staff presented the draft of a “pay-as-you-go” tax increment financing deal worth $17 million before the village board Monday. Trustees are expected to continue the discussion Monday and could reach a final vote April 28.
Developer Joe Taylor III said he is ready to start construction the day after the vote.
Compasspoint plans to redevelop the former site of the Market Center building and a Volvo dealership at 200-300 N. Hough St. The $90 million project includes a four-story building, the Mylo, with 125 residential units and approximately 12,000 square feet of restaurant and retail space — Taylor said he is negotiating a high-end restaurant lease for 6,000 square feet.
It will also include the MotorCave Auto Suites, a place for car enthusiasts to keep and display their vehicles.
The arrangement ties into the village’s plans to build Park Avenue Plaza, a community gathering space and al fresco dining spot. Taylor said he has agreed to build the plaza on Park Avenue between Cook and Station streets with his own funds.
Read more here.
Related: “‘Now is the time to be in Barrington’: village serves up positive economic outlook,” “Barrington approves TIF for the ‘Golden Triangle’,” “Barrington moves closer to TIF for ‘Golden Triangle’,” “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”
Leave a Reply