Instead of foreclosing on the 63-unit luxury residential building at Routes 31 and 62, the lender that financed the completion of the Riverside Plaza project accepted ownership, Community Development Director Russ Farnum said.
The new owner, UCF Riverside Fee Owner LLC, has hired new management, evicted numerous problematic tenants, re-tenanted the dwelling units and is actively marketing the street-level retail spaces. Occupancy of the apartments is at 98 percent, said Kellie DeVilbiss, regional vice president of Pinnacle Property Management Services.
The village selected Bruce Hawkins, former owner of Aspen Homebuilders, to construct 54 luxury condos in 2006, according to past Northwest Herald reports. Aspen Homebuilders went bankrupt two years later, effectively stopping construction after the bank cut off funding.
ALGONQUIN – The new owner of a prominent apartment building in downtown Algonquin are hoping to keep the building as apartments instead of condos – a provision set by the Algonquin Village Board five years ago.
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