New development in downtown Lake Zurich thanks to flower shop
The couple behind Lake Zurich Florist have received approval from village chiefs to purchase village-owned land in the city center on South Old Rand Road and construct a two-story mixed-use building.
The building will be constructed between Offbeat Music Store and Blue Fence Real Estate on South Old Rand Road on vacant village-owned land called “Block D”.
Matthew and Anping Lovejoy plan to move their flower business currently located at 34 E Main St. to the building when it is completed.
In addition to the Florist at Lake Zurich, there will be sufficient space to accommodate one to three other commercial tenants on the first floor of the building. There will be four apartments on the second floor: two one-bedroom units and two two-bedroom units.
The plan calls for the couple to pay the village $ 225,000 for the property primarily through property taxes. They will pay the village $ 100,000 up front and, once the full amount is paid, they will get their $ 100,000 back. Lovejoys attorney Joe Menges said property taxes are expected to be around $ 50,000 a year.
The village council unanimously approved the plan at a meeting on Monday evening.
Village chairman Thomas Poynton said village staff and the Lovejoys worked tirelessly to secure the deal.
Menges said they were unable to announce other commercial tenants yet, but the couple still wanted to lease space from other companies that provide wedding services to create a one-stop wedding supply location. unique.
âThey are trying to create a wedding destination on Lake Zurich,â Menges said. “It’s good to have that synergy there.”
Village administrators praised the plan. Trustee Marc Spacone said that at this point anything that allowed vacant properties belonging to the village to return to the tax roll was important.
âPositive income is better than zero income,â Spacone said.
Block D is one of the many village plots in the city center acquired during the Great Recession era. The village spent around $ 16 million on the property, hoping officials could more successfully market the plots for redevelopment than the owners of the sites.