First Phase of Downtown Construction Kicks Off With Groundbreaking
of The Somerset
Townhomes Mark the Beginning of Downtown Revitalization for Lake Zurich
Lake Zurich, Ill., May 4, 2006 – Today, downtown Lake Zurich is one step closer
to its long-awaited revitalization with the groundbreaking of the new townhomes
along Lakeview Place. Officially named The Somerset by McCaffery Interests, the
project’s master developer, the townhomes mark the first construction phase of downtown
revitalization.
"Today should be marked in the history books of Lake Zurich. After more than
a decade of hard work, we begin the real reconstruction of downtown," said
John Tolomei, mayor of Lake Zurich. "This is the beginning of bringing back
a community center for our village."
Henry Paulus, the village’s mayor from 1969 through 1989 and Carolyn Christensen,
a longtime resident, joined two of Lake Zurich's newest residents, Madeline Hayes
and Nicholas Loychik, to commemorate the community’s heritage and future by placing
their handprints in a plaque to be permanently displayed downtown.
"I’ve been looking forward to this day for more than a decade," said Paulus.
"It is very meaningful to be a part of the revitalization process from the
beginning, through the groundbreaking today of The Somerset."
Carefully designed to have their own unique character, The Somerset will feature
39 luxury, three-story townhomes with views of Breezewald Park, Lake Zurich or The
Somerset’s own beautiful courtyard. With six floor plan options, units will range
from 1,800 – 2,300 square-feet and start at $400,000. First units of The Somerset
will likely be delivered in fall 2006.
Inside, every unit will have a sunny breakfast room, an expansive master bathroom
and a vaulted ceiling in the third-floor master bedroom. Ample storage will be available
in both large attics and hanging units in the garage. Residents of larger units
will even have the option to install an elevator that will reach their second and
third floors.
The exteriors of The Somerset townhomes are designed to be consistent with existing
homes in the area. They will feature variations of a charming town feel and will
have a variety of maintenance-free sidings and finishes, beautiful porches and exquisite
landscaping.
"We understand that the community wants neighborhood living," said Gary Kachadurian,
Partner, McCaffery Interests and President, Market Common Communities, LLC. "The
Somerset will be an extraordinary place to live, with a beautiful courtyard to create
Lake Zurich’s own sense of community."
The courtyard, designed by Hitchcock Design Group, will feature cobblestone sidewalks,
a bridge over large cascading ponds and also include natural prairie grasses, perennials,
evergreen shrubs and ornamental rock pairings. Residents and visitors will enjoy
seating and gathering spaces, including benches and open areas.
Parking will be ample at The Somerset, with most townhomes having their own two-car
garage, and the rest having a one-car garage with an option to add a second garage
space. There will also be 19 spots surrounding the townhomes, including nine spots
reserved for visitors. Additionally, new parking spots will be available along Lakeview
Place and West Main Street.
Also announced at the ceremony was the name of the signature gateway building –
The Grandview – named after the historic Grandview Hotel that once stood in its
place. In the coming months, construction will begin at the corner of West Main
Street and Lake Street which at will include restaurants, retail shops and residential
condominiums.
The Sales Center for the Somerset is open at 2 West Main Street, and information
is available regarding floor plans, interior finish packages and pricing. The model
home will be open in the Fall of 2006. For further information, contact Rose Godek,
Sales Center General Manager, at 847-550-6565.
Lake Zurich Redevelopment Background
For more than a decade, the village has been planning the downtown redevelopment
along West Main Street between Old Rand Road and Lake Street, with the goal of recreating
the community feel of historic Lake Zurich. The final master plans were approved
in August 2005, and were developed based on the valuable feedback from the community
and from the project team’s development expertise.
Detailed information about the history and progress of the project is available
on the downtown Lake Zurich Web site (www.downtownlakezurich.org). About McCaffery Interests, Inc.
Well respected in the commercial industry for creating exciting
environments, McCaffery Interests has received numerous prestigious awards
including: 2005 Winner of the Award for Excellence from the Urban Land
Institute; 2004 Winner of the Design and Development Award from ICSC; 2004
Finalist for the National Association of Home Builders’ Pillars of the
Industry Award; 2001 Washington Business Journal Best Retail Deal of the
Year; 2001 Delta Associates’ Mid-Atlantic Community Impact Award for an
Apartment Property; 1999 Transwestern Carey Winston DC Area Commercial Real
Estate Services Trendsetter of the Year.
Established in 1991, McCaffery Interests, Inc. is a
privately held real estate development company specializing in the
development, leasing, and construction and management of urban mixed-use
properties nationwide. McCaffery Interests, Inc. is located at 737 Michigan
Avenue, Suite 2050, Chicago, IL 60611, (312) 944-3777.
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Media Contact
Kate Brennan
312.636.0325 |
