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City Council voted unanimously May 6 to approve the purchase of a one-acre lot in downtown Elgin, a move officials say will help shape the future of development in the city center.
The resolution authorizes the Elgin Economic Development Corporation to buy the property at 403 S. Central Ave. from DLJ Holdings LLC for $305,500 plus closing costs. The property, which sits across from the new police station and near the corner of Central Avenue and Avenue A, is viewed as a strategic investment in Elgin’s long-term downtown planning.
“This came on the market, and not very often is there a one-acre site available in downtown,” EDC Director Owen Rock told the council. “We just thought it was a good idea to get control of this right now.”
Rock explained that the EDC board approved the project at its February meeting. Because the lot is within the downtown core—specifically on the south side of the tracks—it is seen as a rare and valuable opportunity.
“It’s basically what we would look at, not the end of downtown, but a major parcel in the downtown,” Rock said. “Eventually, we will work with a developer to get a project on there, but it will ultimately be the council’s decision on what happens on that property.”
EDC Director Kaley Frye also emphasized the significance of the acquisition.
“We don’t have it necessarily earmarked,” Frye said. “It’s really hard to find any property anywhere in the downtown, so when it comes on the block, we had to jump on it.”
The approved resolution states that acquiring the property will support Elgin’s economic development goals by helping attract new business, increasing potential sales and use tax revenues and positioning the city to better negotiate with future developers.
City officials have not announced specific plans for the site, but emphasized that control of the land allows Elgin to be proactive in shaping the kind of development that takes place downtown.
The lot is being purchased for economic development purposes and will remain under EDC ownership until a development proposal is brought forward for the council’s consideration.
“This is a great asset for the community,” Rock added.
The property was previously considered as the site of an assisted living facility, according to city officials.
