Curto, who formed RSC Associates following his departure from the Chicago-based office and industrial REIT, plans 208 condominium and townhouse units in three- to eight-story buildings, as well as ground-floor retail space along Grove and Chicago avenues. Located on the opposite corner from the NBD Tower, the site is considered pivotal and landmark by city officials and Legat Architects, which is designing Curto's project.

A $28-million 176-unit condominium project about a block south, as well as just north of the Grand Victoria casino's parking garage, has proven to be the catalyst Par Development promised three years ago.

"River Park Place kicks off a major redevelopment," Curto tells member of the city council here Wednesday. "A project like ours will help the synergy of those two, working together. The timing of this redevelopment is excellent because we would feed off each other."

Like Par Development, which received $4 million in city assistance to kick-start its residential project overlooking the Fox River, Curto is seeking financial help from Elgin officials. Although the city council gave a green light to the project, Curto and city officials still need to hash out a redevelopment agreement, along with financial terms of tax increment financing. His project will require demolishing a building now on the site.

"We need some contributions form the city to make this project go," says Curto, who expects his project to generate an additional $24 million in property tax revenue over its first 23 years.

Curto says he continues to be involved in efforts to add a mixed-use development atop Chicago's Union Station, as well as redevelopment projects in suburbs such as Oak Park and Palatine.