Lake and Forest Developer Missed Village Deadline: Trustees

Developers of a proposed high rise and Lake and Forest in downtown Oak Park has missed a deadline with the village and now have 30 days to follow up, trustees said Wednesday at a community forum at the Oak Park Public Library.

The development was approved in January 2012 for Chicago-based firm Sertus. The ownership has since changed to Chicago-based SilverYoung.

A SilverYoung employee declined to comment Wednesday about a timeline for the development, but said the developers are looking for interest for commercial space and that it seems to be going "well."

Trustee Bob Tucker said Wednesday the developer was under a "strict" development agreement with the village and that they have missed the deadline to apply for an extension with the village. He said the issue will likely appear on a Village Board agenda sometime in September.

The Village Board in January 2012 approved the plans for a new 20-story retail and residential building that will contain 20,000 square feet of retail space and 270 luxury apartments. Per the agreement, the developer will construct a parking garage with 588 spaces—300 public and 288 private.

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