Developer Wants to Finish Townhomes in Downtown Lake Zurich

Greg Collins, of M/I Homes, presented plans for finishing the long stagnant Somerset townhome development, at Lakeview and Main streets in downtown Lake Zurich, at Monday’s village board meeting. 

The previous developer,   when the economy took a downtown and the developer ran out of money to complete the project.

Collins told the board that the project would be finished to be consistent with the current design and architecture. The developer will make some minor changes.

There are 19 remaining lots which consist of 12 vacant lots and a 7-unit building foundation. Collins said the units would be 1,600 to 2,200 square feet and would sell for $250,000 or more. 

Collins told the board he believes the project is marketable, as there are not many opportunities to live by a public beach in the suburbs.

Trustees said they were happy to see the development going forward and reinvigorating downtown.

The project was forwarded to the Plan Commission. Collins said construction could start in mid-summer with completion by the end of the year. 

Utilizing TIF funds, the Village purchased all of the properties needed for the Somerset Townhomes and also provided nearly $1 million in TIF assistance, according to the village website.