Why condos could replace offices in downtown Barrington
The owner of a downtown Barrington office building is considering a plan to convert the three-story structure into residential condominiums.
GK Development Inc.'s plan to increase its use of a Chicago office, combined with the high vacancy rate for other office space in downtown Barrington, is prompting its study of the idea, company President Garo Kholamian said.
Downtown Barrington's nearby amenities, including the Metra station, stores and restaurants within walking distance, would make the building at 257 E. Main St. appealing for a residential development, he added.
"We're exploring the possibility of converting this building to residential because - I've been in the Barrington area a long time - there is, I think, some demand for empty-nester housing here for people that might be more seasonal ... or people that come into the village that don't necessarily want the obligation of a house," Kholamian said.
Similar to other companies, GK hopes to attract millennial workers, in part, through use of a "hoteling concept" Loop office where workers can schedule space when needed, Kholamian said. GK has about 30 employees based in the Barrington office, but some work remotely, he added.
Greg Summers, Barrington's director of development services, said GK can turn the second and third floors of its building into condos without village board permission. The company would have to go through Barrington's formal approval process to create condos on the first floor.
GK's office building is roughly 60 percent to 70 percent vacant, Summers said.
Condos in the GK building would be consistent with other residential proposals Barrington has received for the downtown area, Summers added. For example, Greg Crowther's Great Haven Builders has permission to build a 12-unit, three-story condo building in place of a house at 407 E. Main St., near the Metra station.
Village Trustee Ryan Julian said he would not immediately favor having all three floors as residential units.
"Could there be a case made?" Julian said. "Yeah. But I'm walking in skeptical."
Kholamian said GK is looking at possible costs, building layout concepts and what the market would be for downtown condos. The company also will consider moving its offices from the second to the first floor.
"I think we're going to keep pursuing it and see if it makes sense," he said.
GK is a commercial real estate company that acquires, develops, owns and operates commercial and retail property across the United States.