LAKE ZURICH, IL-McCaffery Interests, whose work includes the redevelopment of a moribund retail center along the I-290 extension in Schaumburg into the Streets of Woodfield, has been tapped by village officials in this northwest suburb to oversee its Downtown makeover. Meanwhile, village officials say ground-breaking on the first new building in the Downtown area is unlikely to happen before next spring, even though they report negotiations with property owners on acquisition is progressing well.

Village officials say they chose McCaffery Interests for its ability to handle financing, construction, marketing, retail leasing, residential sales involved in the redevelopment effort. McCaffery also has worked with Lucien Lagrange, who is serving as Lake Zurich’s architect.

The village also has obtained a line of credit from Lake Zurich-based Cambridge Bank to pay for redevelopment costs, including land acquisition.

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