Fox River Grove multimillion-dollar development stalled again

FOX RIVER GROVE – A $250 million development plan that would add hundreds of new apartments in and around downtown Fox River Grove has been delayed again as Grove Residences LLC works to secure a loan to start construction.

Fox River Grove village officials approved the four-phase development plan in March. Less than a month later, the developer asked for more time to come up with financing. The proposed development could include about 500 apartments, 100,000 square feet of commercial and retail space and a hotel and marina over 46 acres along Route 14, according to village documents.

The village approved the developer’s request to extend its deadline to close on phase one properties by Aug. 31, but now Grove Residences plans to come back to the board to ask for another extension.

“We are in negotiations [for financing],” said Jordan Glazov, a partner with Northbrook-based Realtelligence LLC, which owns Grove Residences LLC. “The entire project is four phases, but at the present time we are only seeking funding for phase one, which is the 300 apartments.”

The $60 million development will be located in several lots southwest of Route 14, on both sides of Algonquin Road, documents show. The space currently holds three commercial buildings and four apartment buildings that Grove Residences would buy and demolish.

The item will be on a Village Board agenda at a future meeting, but a date hasn’t been set, Village Administrator Derek Soderholm said.

“When they get something close to final in terms of financing, they will come back to the village with an adjustment to the redevelopment agreement with new deadlines,” Soderholm said. “The bottom line is the board can consider a new set of dates upon request and amend the agreement to reflect that.”

There haven’t been any other proposals for the area, Soderholm said.

“There are no other [requests] at this point,” he said. “We have issued the special use permit for the multiphase development, and this is who we have been working with for the past few years. There are no other set of plans.”