Another Tangent in 'Golden Triangle' Project

The village had been negotiating a letter of intent with Northbrook, IL-based James Co. and Oak Brook, IL-based Mid-America Asset Management, the top choice among 43 developers considered, to create a mixed-use project with green space similar to Market Square in the North Shore suburb of Lake Forest. However, the developers told the village earlier this week they were concerned with the village board's recent decision to keep a Volvo dealership on the site.

Reagle went several steps further Thursday, unveiling his New Barrington Community Centre concept that not only would include the Volvo dealership at its N. Hough Street location, but also a hardware store along the Metra commuter rail tracks, as well as a Dairy Queen and office building further north on the village's main north-south thoroughfare. Meanwhile, he envisions two restaurants on the site, as well as a drastically scaled-down retail component on the northwest side and a community center on a 1.4-acre site purchased by the village Thursday for $1 million plus $175,000 in relocation costs. Reagle's development is centered around a one-acre park and fountain just north of the car dealership.

Richard E. Spinell, a principal with Mid-America Asset Management, met with village officials after the meeting but declined comment until he had a chance to discuss the village's change in direction with his development team.

Reagle says his plans satisfies community concerns over parking, density, preserving local businesses in their present locations while adding much needed restaurants and banquet facilities. It also would be funded without tax increment financing or using eminent domain powers to acquire property from reluctant owners. Other benefits include a shared parking lot that would serve customers of establishments along Main Street, south of the Metra tracks.

Along with Trustee Karen Darch, Reagle will talk with property owners including Oliver "Ren" Goltra of Lake Forest, who owns 5 acres along the southwest edge of the property.

"I think I can bring some people who own the properties to the table," Reagle says. "I think it will be viable for a developer. I think it will be viable for the residents of Barrington. I think it will be viable for the village of Barrington."

The village has threatened to use eminent domain against Goltra, who controls the largest acreage yet to be acquired. His five acres have proved to be the most difficult to acquire during the village's decades-long quest to redevelop the mostly industrial area to other uses. Officials say he was offered close to the fair market value as determined by the Lake County assessor's office, which is $3.2 million. However, Reagle indicated his plans could involve Goltra as a developer.

While admitting he did not have revenue projections for his plan, Reagle conceded its scope would be less than the plan offered by James Co. and Mid-America Asset Management. However, Reagle questioned the viability of the offices in the developers' plan, which would make up most of the second stories in three buildings.

"I'm looking at so much office space in our town, and Long Grove is having 300,000 sf coming available," Reagle says.

Trustee Gregory Furda recalled Goltra proposed an antique market for his property in 1996, with the possibility of replicating Market Square. "What we want is progress," Furda says. "We have an industrial area that's deteriorating."