Elgin Real Estate
It’s an exciting time for Elgin. The City of Elgin is currently in the midst of revitalizing its downtown neighborhood and riverfront, which will create a wealth of downtown living, shopping and entertainment opportunities. More than $250 million has been funneled into this effort during the last 10 years, helping to establish Elgin as a regional destination and suburban oasis.
Festival Park, a premier $11.5 million park that is currently being constructed adjacent to the Fox River in the heart of downtown Elgin, is a focal point of the city’s revitalization efforts. Once completed, it will be home to major festivals and events along the
waterfront.
Several new housing developments surround Festival Park along the Fox River in downtown Elgin. Potential homeowners can choose from a number of townhome and condominium plans, with great views of the riverwalk and skyline.
“These developments are very appealing to both baby boomers looking to downsize and young professionals looking for an urban environment without the cost of downtown Chicago,” said Cherie Murphy, marketing officer for the City of Elgin.
According to Murphy, the downtown residential development is expected to attract several thousand new residents who will take advantage of downtown Elgin’s many amenities, including: two Metra stations, the Elgin Symphony Orchestra, the Hemmens Cultural Center, the Elgin Art Showcase, the new and award-winning Gail Borden Public Library, a state-of-the art bike path and beautiful historic districts surrounding the downtown.
In addition, residents will have easy access to The Centre of Elgin, a $37 million public recreational facility. Completed in November 2002, the Centre provides a plethora of recreational and fitness programs and features a running/walking track, 9,600 square feet health/fitness center, indoor rock climbing area, racquetball courts, three swimming pools, gymnasium, banquet facilities and arts/crafts studios.
If that’s not enough, downtown Elgin also boasts plenty of free parking, numerous restaurants, close proximity to I-90 and charming boutiques and shops.
“Elgin is positioning itself as the ‘City in the Suburbs’ and attracting new homebuyers with the wide variety of things we offer for any lifestyle,” said Murphy. “This includes a great park system and cultural arts for all ages, including the Youth Symphony, Elgin Children’s Choir and more. The downtown offers an urban lifestyle at an affordable price, with access to all the amenities of the suburbs close at hand.”
Major downtown housing projects that are currently in development include:
Fountain Square on the River
Fountain Square on the River, located at 51 South Grove Street, is currently being developed by RSC & Associates through a public and private partnership with the City of Elgin. The project is located in the central business district of Elgin along the Fox River and contains 206 residential units, including 93 loft condominium units, 97 traditional condominium units, nine duplex units and seven townhouses as well as 392 parking spaces.
These luxury residences, with a choice of one, two or three bedrooms, will have views overlooking the Fox River. The project will also include more than 10,000 square-feet of retail space on the first floor serving downtown residents and visitors.
“Fountain Square is located in the center of a revitalization of a town rich in history,” said Katie Lange, sales manager for RSC & Associates. “Surrounded by beautiful Victorian homes of Elgin’s forefathers and continued growth on the outer edges, it’s a new birth of a vintage community with an urban flair. Fountain Square is more than attached living — it’s an exciting lifestyle at your fingertips.”
Water Street Place
Anchoring the north end of Center City at Kimball Street at the site of the city’s former library will be Water Street Place, also along the Fox River. Water Street Place will provide 150 luxury condominiums and lofts with more than 20,000 square-feet of available retail and restaurant space. The $53 million development will also provide eight brownstone homes along Grove Avenue.
RSC & Associates, in partnership with Ryan Companies, was selected to develop Water Street Place, which is currently in the planning phase. According to RSC & Associates, Water Street Place will integrate specialty retail, restaurants, entertainment and luxury residential living, and is complemented by rich cultural and recreational amenities second only to those of Chicago. Phase I of construction is set to begin in Spring 2008.
River Park Place
River Park Place, located in historic downtown Elgin at South Grove Avenue and Prairie Street, consists of 116 upscale townhomes and an eight-story, 66-unit mid-rise condominium building adjacent to the Fox River. It’s ideally located within walking distance of The Centre of Elgin (the city’s premier health and fitness center), the new Festival Park and other downtown attractions.
The architecturally distinct townhomes at River Park Place feature private garages, landscaped courtyards, plenty of storage space, balconies and optional rooftop decks. Flexible floorplans offer two- and three-bedroom options.
The condominium building boasts fantastic views of downtown Elgin, the historic Fox River and the new Festival Park. Residents will enjoy scenic river views and the adjacent Fox River Bike Trail. Choose from one-, two- and three-bedroom residences, all with balconies.
River Park Place is being developed through a joint effort of Plote Construction Inc., Par Development, Inc. and REPCO, three well-established companies that have been doing business and construction projects in the northwest suburbs. Together they have formulated River Park Place, L.L.C., a new residential development firm that specializes in urban redevelopment.
“What’s neat about the condos and townhomes is that they’re in downtown Elgin, so residents can walk to train stops, a new library, a new recreation center, the Hemmens Cultural Center …… almost anywhere they need to go,” said Christine Kempher, sales manager of River Park Place, L.L.C. “This is a huge benefit, especially with gas prices so high. And you can’t beat the view and the location.”
According to Kempher, the townhomes and condos appeal to a wide range of residents, from young professionals to new families to empty nesters.
“It’s a nice mix of people,” Kempher said.
Raymond Moller, economic development and business services director for the City of Elgin, said this is only the beginning of the revitalization of Elgin’s vibrant downtown. “What’s on the books now isn’t the end; there’s room for more,” said Moller. “We’ll continue to challenge the residential community to bring products to Elgin that will excite not only existing Elgin residents but also people in the whole Chicago metropolitan area.”
According to Moller, Elgin is unique because of its rich history, vibrant city center, and breadth of entertainment and cultural opportunities.
“Elgin is not a suburban bedroom community,” Moller said. “It’s a city that just happens to be in the suburbs.”
 |
 |
|---|---|
 |
|
