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Special News Report Lake & Forest redevelopment

Village Board approves project

Jan. 10, 2012 – The Village Board voted 7 - 0 last night to approve the mixed-use development project proposed for the high-profile corner of Lake Street and Forest Avenue in downtown Oak Park. The project will include a new 588-space parking garage, 270 apartments and about 25,000 square feet of commercial space. Estimated cost of the project, including the new public garage, is about $91 million. The Village investment will be $8.6 million for 300 public parking spaces. The parking garage will replace the aging Lake & Forest Garage built in the 1970s. Construction could begin in the fall. Click here to watch the Village Board meeting where the project was discussed and approved. Scroll down to learn more about the evolution of the project.

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Amended plan submitted to Plan Commission for review

Aug. 2, 2011 – Sertus Capital Partners LLC has amended its plan to redevelop the corner of Lake Street and Forest Avenue in downtown Oak Park. The revised plan would eliminate the hotel and change the residential portion to rental units instead of condominiums. The plan still would replace the aging public garage with a new structure as part of the overall development. The extent of the changes requires the developer to go back to the Plan Commission for a public hearing. The amended planned development application is scheduled to be reviewed by the Plan Commission on Aug. 25. Click here for a link to the Plan Commission meeting agendas and minutes. For more information, e-mail planning@oak-park.us.

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Redevelopment receives formal approval

March 15, 2010 – The Village Board has approved a plan to redevelop the corner of Lake Street and Forest Avenue, including replacing the aging public parking garage. Sertus Capital Partners LLC, which owns the property adjacent to the public parking garage, has 120 days to knock down the empty, one-story building at the corner, nine months to obtain building permits for the project, 18 months to start construction and 36 months to finish building the project. The project, valued at about $85 million, includes a 140-room hotel, 85 condominiums, 28,000 square feet of retail space and a 510-space parking garage.

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Project advances toward final approval

March 9, 2010 – The Village Board voted unanimously Monday night to accept the findings of the Plan Commission in favor of a plan to redevelop the corner of Lake Street and Forest Avenue, including replacing the aging public parking garage. A final vote likely will occur later this month - click here to link to the board meeting agenda page. The meeting was broadcast live on VOP-TV and is scheduled to be replayed as follows:

7 p.m., Wed, March 10
11 a.m., Thurs., March 11
7 p.m., Fri., March 12
11 a.m., Sat., March 13
11 a.m., Sun., March 14
7 p.m., Tues., March 16

The project, valued at about $85 million, includes a 140-room hotel, 85 condominiums, 28,000 square feet of retail space and a 510-space parking garage. The project began as a public discussion of great architecture in the spring of 2007. Here are the details:

The Village would pay to build 300 spaces in a new 510-space parking garage at an estimated cost not to exceed $9.8 million. Since the money to rebuild the garage will need to be spent anyway, the project is viewed as an opportunity to partner with the adjacent property owner for a development that will not just provide parking, but also produce substantial new property and sales tax dollars, and create jobs. Upon completion of the new development, the Village will continue to own the public parking garage and the land upon which it sits.
The proposed new garage will have 510 parking spaces, an increase of 170 spaces over the current garage. Of these total spaces, 425 would be dedicated to general public parking and 85 to the condominium owners. The Village would pay for only 300 of the public spaces, while the developer would pay for all remaining spaces.
No property tax dollars would be paid to a new hotel operator. The Village has agreed to rebate a portion of the hotel/motel taxes collected by the new hotel, the actual amount of rebate based on occupancy. The maximum rebate would be $250,000 a year for the first two years. The hotel/motel tax is paid by guests at the hotel, not by residents of the community.

Even though the development proposed for Lake & Forest has been thoroughly vetted in the public arena, the project still is a long way from a reality, officials say. As a privately financed, multimillion-dollar project, economic factors beyond Village control will determine if — and when — actual construction begins. The developer, Sertus Capital Partners LLC, which owns the property adjacent to the public parking garage, estimates that, if approved, the project likely would take 21 months to complete. For more information, e-mail planning@oak-park.us.

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Board to discuss Plan Commission recommendations

Feb. 23, 2010 – The Village Board has scheduled a special meeting to discuss the Plan Commission's recent findings of fact in favor of a proposal to redevelop the corner of Lake Street and Forest Avenue, including replacing the aging public parking garage. The meeting is scheduled for 7 p.m., Monday, March 8, in Village Hall Council Chamber, 123 Madison St. The meeting will be broadcast live on VOP-TV, available to Comcast subscribers on channel 6 and AT&T subscribers on channel 99.

Estimated to cost about $85 million, the project includes a 140-room hotel, 85 condominiums, 28,000 square feet of retail space and a 510-space parking garage, an increase of 170 spaces from the current garage. If approved by the Village Board, developers estimate it would take 21 months to complete the project once construction got underway. The developer, Sertus Capital Partners LLC, owns the property adjacent to the public parking garage.

Details on the project, including public presentations and artists renderings of the proposed development, are posted along the right margin of this page. Click here to view Village Board agendas and related materials.

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Plan Commission votes to recommend approval

Jan. 14, 2010 - The Oak Park Plan Commission voted 6-3 in favor of the project to redevelop the corner of Lake Street and Forest Avenue, including replacing the deteriorating public parking garage. The recommendation will now go to the Village Board for a final vote, expected to come as early as March - click here for a link to the board agenda web page. The Plan Commission vote came after a series of public hearings. The project, estimated to cost about $85 million, includes a 140-room hotel, 85 condominiums, 28,000 square feet of retail space and a 510-space parking garage, 425 of which would be for the public. If approved, developers estimate it would take 21 months to complete the project. The developer, Sertus Capital Partners LLC, owns the property adjacent to the public parking garage. Click here to review the project presentation to the Plan Commission, including artists renderings of the building. Scroll down this page for more information on the progression of the project through the review process.

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Project moves into plan development process

Sept. 9, 2009 - The Village Board last night referred a proposal to redevelop the corner of Lake Street and Forest Avenue, including replacing the deteriorating public parking garage, to the Plan Commission for review. Plan Commission meetings on the project are scheduled as follows:

Sept 17
Oct. 8 and 22
Nov. 5, 12 and 19

Additional meetings may be scheduled if necessary. A recommendation could come to the Village Board for consideration in February. For information on the Planned Development process, call 708.358.5420 or e-mail planning@oak-park.us. Scroll down for more information on the project. Click here to review Plan Commission meeting agendas.

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Board approves redevelopment agreement for Lake & Forest site

June 30, 2009 - The Village Board has taken the next step forward in the process to facilitate the redevelopment of the corner of Lake Street and Forest Avenue, including replacing the deteriorating public parking garage. A redevelopment agreement with Sertus Capital Partners LLC, which owns the property at the corner of Lake and Forest adjacent to the public garage, was approved on June 29 by Village Board. The project now will enter the Planned Development process, a citizen-guided legal procedure that incorporates development and zoning review, and consideration of comprehensive public comment in the final recommendations by the Plan Commission. The Sertus plan, valued at approximately $85 million, includes 85 condominium units, a 140-room full-service hotel, 28,000 square feet of retail space and a new 510-space parking garage. The garage would include 300 dedicated public spaces and approximately 100 additional publicly available spaces to be shared with the hotel. For more information on the RFP, call 708.358.5644 or e-mail to Development Services .

click here to read the approved Redevelopment Agreement

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Board to consider redevelopment agreement for Lake & Forest site

June 23, 2009 - The Village Board is expected to take the next step forward Monday in the process to facilitate the redevelopment of the corner of Lake Street and Forest Avenue, including replacing the deteriorating public parking garage. A redevelopment agreement with Sertus Capital Partners LLC, which owns the property at the corner of Lake and Forest adjacent to the public garage, is on the agenda of Monday's special meeting of the Village Board, scheduled for 7:30 p.m., in Council Chambers of Village Hall, 123 Madison St.

If the agreement is approved by the Board, the project, valued at approximately $85 million, would then enter the Planned Development process, a citizen-guided legal procedure that incorporates development and zoning review, and consideration of comprehensive public comment in the final recommendations by the Plan Commission.

The project outlined in the redevelopment agreement the Board will consider Monday night is similar to plans Sertus presented to the Village Board and the public in February (click here to view the presentation). That presentation followed more than two years of public discussion regarding just what should be built on this particular site. Discussions included the following:

March 2007 public discussion of desirable architecture and design.
Multiple public meetings in 2007 and 2008 by Sertus to present design concepts and gather public reaction.
Village Board adoption of a term sheet in June 2008 that outlined details of the project, including building uses, square footage and financial terms.
Presentation by Sertus to local newspaper editorial boards in early 2009.
Presentation by Sertus to the Village Board and the public in February 2009.
Village solicitation of alternate proposals for the site in March/April 2009

The Sertus plan includes 70 condominium units, a 140-room full-service hotel, 28,000 square feet of retail space and a new 510-space parking garage. The garage would include 300 dedicated public spaces and approximately 125 additional publicly available spaces to be shared with the hotel. For more information on the RFP, call 708.358.5644 or e-mail to Development Services .

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Village seeks alternatives to pending Lake & Forest proposal

Feb. 27, 2009 - An unsolicited proposal to develop the corner of Lake Street and Forest Avenue in downtown Oak Park requires the Village to offer other companies an opportunity to propose alternatives for the site because Downtown Tax Increment Finance (TIF) district funds could be used in the project. In a public notice scheduled to be published next week, alternative proposals are being sought for the portion of the development site controlled by the Village, which is the 45,100-square-foot parcel where the Lake & Forest Parking Garage has sat since 1975.

Sertus Capital Partners LLC, which owns the property that wraps around the corner of Lake and Forest adjacent to the garage, has submitted a mixed-use development proposal that incorporates the public garage parcel. The Sertus redevelopment proposal, valued at about $90 million, would include 85 condominiums, a 140-room full-service hotel, about 28,000 square feet of retail space and a new 510-space parking garage. The Village Board adopted a term sheet with Sertus in June that outlined the parameters within which development could occur. When Sertus unveiled its proposal to the Village Board this month, the plan included using TIF dollars as part of the overall funding package. State law requires any proposed use of TIF dollars in a development project to seek alternative proposals before a final decision is made.

Once the public notice is published, developers will have 30 days to review the Sertus proposal and submit alternatives. Alternative proposals must be submitted to the Village's redevelopment manager by 10 a.m., Mon., April 6, at Village Hall, 123 Madison St., Oak Park, IL 60302.

After reviewing the proposals submitted by the April 6 deadline, the Village Board will have the option of adopting the Sertus proposal or rejecting it in favor of any alternative proposal . Should a redevelopment agreement with Sertus be adopted, the project would enter the Planned Development process, which includes opportunities for comprehensive public review and comment. For more information on the RFP, call 708.358.5644 or e-mail to Development Services .

Click to view...

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Preliminary plans for Lake & Forest site unveiled

February 13, 2009 - Sertus Capital Partners LLC, which owns the property at the northeast corner of Lake Street and Forest Avenue, presented plans for the site to the Village Board at a public meeting last night. Click on the links below to review the presentation materials:

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Plans for redeveloping Lake & Forest site to take next step in process

February 9, 2009 - The Village Board is poised to take the next formal step regarding a redevelopment proposal for the property at the northeast corner of Lake Street and Forest Avenue, including replacing the adjacent, aging public parking garage. Sertus Capital Partners LLC, which owns the property at the corner of Lake and Forest, will present its proposal for the site at a public meeting scheduled for 7 p.m., Thurs., Feb. 12, in Village Hall, 123 Madison St.

The proposal to be detailed Thursday incorporates public input gathered by Sertus since the Village Board adopted a term sheet in June, a document that outlined the parameters within which development could occur. Key components of the term sheet include defining the percentages of the project that would be allocated to specific uses, such as retail space, residential units and parking. The term sheet also included a hotel as a preferred possibility, a use identified in the Greater Downtown Master Plan and in a hotel demand study conducted last year.

In addition to presenting architectural renderings, Thursday's meeting also is expected to include a discussion of the economic impact of various alternatives for the site. The analysis will compare the economic impact of the proposed development with a hotel, with only retail and residential uses, or leaving the site as is.

Officials say including the public garage in the plan enhances the ability of the developer to create a project that will strengthen the retail vibrancy of the area, while also respecting both the adjacent downtown commercial district and the surrounding neighborhood, and maintaining vital public parking.

Following Thursday's meeting, links to presentation materials will be posted on this web page. For more information, call 708.358.5644 or e-mail Development Services .

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Village Board takes first formal step to redevelop Lake and Forest corner

June 11, 2008 - The Village Board has adopted a non-binding term sheet, a document that is the first formal step in the process to redevelop the northeast corner of Lake Street and Forest Avenue, including replacing the aging public parking garage. The term sheet, which outlines parameters within which development could occur, will serve as a precursor to a potential redevelopment agreement between the Village and Sertus Capital Partners, LLC, the owner-developer of the Lake and Forest property. The term sheet also provides a framework that Sertus can use to create massing and design concepts for a proposed project.

"The term sheet will allow the developer to begin working on a proposal for the property they purchased two years ago. If, through the design process, we decide to move forward together toward executing a redevelopment agreement, then the Village could have an opportunity to exchange an increasingly expensive and deteriorating parking facility for an architecturally significant development that would cost-effectively replace the needed public parking," said Village President David Pope.

The Lake & Forest Parking Garage represents a significant portion of the total development site and is key to maximizing the full potential of what can be built there, officials say. This gives the community an effective tool for ensuring that the project enhances the retail vibrancy of the area, respects both the adjacent downtown commercial district and the surrounding neighborhood, and maintains vital public parking.

Key components of the term sheet include defining the percentages of the project that will be allocated to specific uses, such as retail space, residential units and parking. The sheet also defines how land costs would be calculated, recommends target dates for the various tasks typically required in a project of this size and scope and considers a range of uses, including the possibility of a hotel. A boutique hotel near the corner is identified in the Greater Downtown Master Plan and the site was considered the top choice for an Oak Park hotel in a study conducted last year.

“Any discussion about a development at the Lake and Forest corner must be about more than just a building and its use," Pope said. “Since the site is located at the intersection of downtown Oak Park’s primary commercial corridor and one of the most important architectural streets in the country, any design will need to be appropriate to the site and demonstrate genuine architectural and design excellence. Board approval of the term sheet is a first step in a process that will provide significant opportunity for the community to help determine what will be built on this important site"

The Village Board has directed that this effort follow an open public process, similar to the processes used for other recent projects, as a way to provide a substantial opportunity for community input well in advance of any filing of a potential Planned Development application.

Village officials say approval of the term sheet does not constitute a contractual agreement or acceptance of a specific plan, but instead illustrates a commitment to work with Sertus Capital Partners to determine if this site can be appropriately developed. “The term sheet is not binding, but it articulates the Village's interest in participating in a project on the site,” Pope said.

With approval of the term sheet, officials say the process to begin gathering public input regarding any prospective design would begin this summer.

Click here for information on planning and development in the Village, or e-mail Development Services .

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