Compasspoint Nears Reimbursement Deal With Chicago Suburb

The Village of Barrington is close to finalizing a $17 million tax incentive for a long-anticipated mixed-use development in the heart of its “Golden Triangle” district after nearly a year of negotiations.

The village proposed a pay-as-you-go tax increment financing agreement with Compasspoint Development for the $90 million project at 200-300 North Hough Street, the Daily Herald reported.

The site, formerly home to the Market Center building and a Volvo dealership, has long been targeted for redevelopment. Trustees are expected to take a final vote on the agreement April 28.

The proposal calls for a four-story building called The Mylo, which would include 125 residential units and about 12,000 square feet of restaurant and retail space.

Developer Joe Taylor III said he is in active negotiations for a 6,000-square-foot high-end restaurant lease and is ready to start construction immediately following the board’s vote.

The plan includes MotorCave Auto Suites, private garages for car enthusiasts. Taylor founded the venture in 2023, and the “car condos” were 67 percent occupied within 10 days of pre-sales opening last summer.

It also ties into the village’s broader plan to create Park Avenue Plaza, a public gathering space with outdoor dining. Taylor has agreed to fund construction out of his own pocket.

Under the terms of the draft agreement, the village would issue two TIF notes: $16 million upon substantial completion of the mixed-use building and plaza, and another $1 million once half the retail space is leased. The developer must maintain at least 50 percent retail occupancy for 10 years after completion or risk a pause in incentive payments.

Payments will come from property tax revenue generated by the completed project.

Eligible reimbursable expenses for Taylor include land acquisition, utility work and environmental remediation, but not vertical construction.

Village Manager Scott Anderson said the final agreement reflects the village’s original vision for the deal, with terms that work in the village’s favor. Taylor was more direct: “If not for this TIF, the project probably wouldn’t be feasible.”

— Judah Duke