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Darwin Realty & Development Corporation
Brokerage Rezoning & Development
Algonquin, Illinois
68 acre
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Challenge
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- Bankrupt family estate owned this parcel of land that was formerly leased for surface mining of rock and sand. The Village's comprehensive plan targeted site for industrial redevelopment when there was an overabundent supply of fully improved, better located sites closer to major highways that would take up to ten years to be absorbed. The Village of Algonquin did not want to entertain rezoning of the property to highest and best use of residential due to the fact that the Village did not have the tax revenue to support the parks and schools necessary with future residential redevelopment in this area.
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Action Steps
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- Held several meetings with the economic development personnel and the Village to persuade them that the site would take ten years to sell as industrial. Expeditiously marketed property to industrial land developers on behalf of landlord to establish that there was no demand for this type of property at this location. Procured interest of a developer that owned a different site already zoned residential in Algonquin that he was willing to rezone to industrial. Broker and Purchaser held many lengthy meetings with the Village of Algonquin to discuss possible trade or zoning of these sites and formulated conceptual plans for residential development on subject site. Developer, Village and adjacent landlords negotiated a development plan that included parceling off some of the estate's land that would assist in future development of retail on the corner of Route 25 & Route 62.
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Results
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- The Estate sold the land outright to the developer which allowed them to pay off the mortgage note. The Village was able to keep the balance of industrial and residential land while restricting use of this site to building family homes for 55 and older and also enabled the Village to have a remarketable retail site on an extremely busy retail corner which, in the long run, will generate retail sales tax.
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